Cud_Joe
GBPUSD will seek to test the supply zone at 2500 and 2550 before resi=uming the selling bias for the month of July
From the chart. The last 3 weeks range is 339pips, 343pips which extended beyond the weekly average rage of 250pips. Thus, there has been a pullback of more than 100pips when prices exceed this weekly average range. But last week GU made only 228pips. Hence it is short of 22pips more to complete the downside before rising. So hopefully 2291 might be seen before it...
From the Monthly Range perspective, GBPUSD has covered over 80-90% of this monthly average. In view of that Buying at 2322(monthly open price) and 2258 will consider the price with a good MM in place one can survive a DD of 1000 pips fall (which is not likely.) Mind you the month is about to end and it's likely to close bearish. So every long position will range...