There is one powerful trend noticeable across Forex majors at present, being; very tight & quiet trading ranges.

An eerie holding pattern seems to have set in across key FX majors & commodities as follows:

  • USD/JPY – Just above 109

  • EUR/USD – Just above 1.10

  • AUD/USD – Just around 0.6780

  • GOLD – Firmly at $1,460

My most noticeable exception is Oil making a run up above $58 last night as the OPEC agreement around Oil output CUTS helped to lift WTI (Oil), as well as the continued slide lower for GBP/USD.

  • GBP/USD, now dealing at 1.2850, after a brave rally towards 1.2920 to kick-start this trading week.

I must say, the UK election seems to be sailing directly into the “hung parliament” storm, which in the near-term will drag GBP/USD LOWER.

  • Looking at the 4-hourly GBP/USD chart, the Bollinger bands indicating changes in volatility are steady – which is better compared to most FX majors where volatility has all but disappeared.

GBPUSD

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