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The GBP/USD holding in range defined by moving average convergence

The drop below its 21 day moving average for the GBP/USD was covered here a few times on Friday, when the GBP/USD slipped below 1.22. The 21 day moving average was then at 1.2199. The low seen on Friday was set at 1.2187 and the observation here; that it seemed to trip stops through that level was noted and conveyed here. The rebound that followed into the US close, saw the pound later end the week at 1.2227. Meantime that 21 day moving average is still rising and in place right now at 1.2205. On the topside, the price action has so far today been contained below the 50 day moving average. That is still falling and in place right now at 1.2261. So, as you can see we have convergence right now between that and the 21 day. The range seen so far today has been covered by 1.2211 to 1.2242. The GBP/USD is just now trading at 1.2240

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