Sterling has been falling for a long time with a series of lower ranges unfolding after the global financial crisis, and the peak of the current range is probably around 1.3300.
Given the last range was roughly 20 cents, and accounting for last year's low GBP/USD is currently close to the centre of its range.
Hedging for a long period within 1.10-1.30 or 1.15-35 may be wise.
Before the chaotic events surrounding UK bond markets and the mini-budget last September, GBP/USD had settled within a rough 1.20-1.40 range, that was shattered by the slump towards parity.
Since then GBP/USD has been struggling to rise over what was the base of the prior range, that itself represented a substantial drop from the rough 1.40-1.70 extremes traded ahead the 2016 referendum.
After the referendum that drove sterling below 1.15, the base of that prior range around 1.40, effectively became the resistance area that the pound couldn't overcome.
The 100-month moving average - close 1.40 at that time - helped define the high, and the brief time spent above the 100-MMA was followed by a big and long lasting decline.
Today the 100-MMA is 1.3340, while 1.3311 is a 76.4% retracement from 1.4233 - highest level since UK voted out - to last year's 1.0327 low.
It's the limit for a correction of that drop and so is useful for hedging purposes with cause to eye pound remaining soft while below, and the potential for big gains if broken.
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