What started as a 40 pip range has reached the 22 day average of 90 pips
The idea that non-trend can transition to trend can work intraday as well. The North American session started with a narrow 40 pip trading range in the GBPUSD. That was narrow. The average over the last 22 trading days (random month of trading) came in around 90 pips.
Fast-forward eight or so hours later and the non trend has led to a slow but steady trend to the upside. The range is now up to 91 pips – 1 pip higher than the 22 day average. As such, the day is kinda like the other days over the last month (at least with regard to the range).
THe next target on the topside is the 1.4200 level. Above that and the high for the week at 1.42196 would be targeted.
Speaking of non-trend to trend, I talked about it in this video recently.