Forex Trade Signals and Setups Jan 31st

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GBPUSD – Dynamic Support Continues to Hold

Quietly under the radar while daily ranges continue to contract in the Cable, the GBPUSD has been mounting an impressive run, albeit at a tortuga pace.  Part of the reason it has been deceptive is because intraday volatility levels have shrunk in half since the start of the year as the Sterling is now reaching its lowest ATR levels in over 3+ years.

But regardless, the pair has posted an impressive 9 bull closes out of the last 11 days.  This consistent buying while intraday ranges have shrunk suggest either timidity on the part of the bulls, or a quiet accumulation as the ATR (5 periods) has actually been falling when the bull …

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