So it seems that short to mid-term GBP/USD is a bit stuck. To use some trading vernacular price action is range-bound.
This makes it hard to predict which direction the currency pair will take next, therefore making it hard to place a trade. On this timeframe, anyway. So what to do?
Nothing. This is one of the most important trading lessons you can hope to learn. If a pair is not presenting an obvious set-up to you, then DON’T TRADE. So many traders – not just newbies – feel compelled to trade even if there is no obvious trade to take.
This part of trading psychology is very tricky to accept. In a world where doing nothing – especially when “working” – is considered lazy and foolish, taking a step away from the computer and waiting for the market to tell us what it wants to do can be VERY hard.