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GBP/USD oscillating 1.5220/50

FXstreet.com (London) - Other markets are largely leading Cable for the time being. The pair is oscillating in a tight range in European markets since the stop loss activity above 1.5272 and then 1.5310.

This will have reduced the market somewhat, squeezing out the less bearish of the bears, especially before the weekend. This can be evident with a lack of momentum being indicated in consolidation just off from the support line 1.5220 and halting way before the handle, 1.5000.

Stochastic on the hourly chart offers a positive bias here, but otherwise a break below 1.5200 and what support there could be at 1.5190 or 1.5175 (weekly support) may lead to a break out and continuation of the bear trend targeting March and April support at 1.5110. To the upside, albeit in an overall bear trend, there are the daily ranges in sight still with the 1.5264 pivot as an obvious target for a close above that to signal a correction attempt for 1.5340.

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