Chart of the Day – GBPUSD – Price Stuck in a Range

Stuck in Range Bound Price action: GBPUSD has been in a range from mid-March 2020 to the present. Where we can see the high of the range being at 1.2628 and the lower being at 1.2190. Which makes way for the Dollar Index as an early indicator for most of its moves. At the moment it is trading at 1.2340, which is kind of a mid-range, So to have a possible trade entry we either need to see the price fall near the 1.22 handle or up at 1.2470 intraday. As DXY did close a bullish price action yesterday, I would hope to see a continuation, making my GBP bias bearish for the day. A short between 1.2480-1.2520 might be a good trade to take.