GBPUSD moves back to midpoint of the two day trading range

The GBPUSD has moved down to the midpoint of the two day range as the pair continues its up and down consolidation.  The 100 and 200 bar MA on the 5 minute chart are converged at the 1.5604 level and these levels are also being tested.  A break lower should target the low of the range.  Needless to say, a breakout is still eyed.  The longer the market non-trends the better the chance for a break. 

This last fall is being attributed to a Fitch comment on the newswires which says the risk for sovereign funding costs for the UK are on the upside and the UK is the most vulnerable of the AAA sovereigns.