GBPUSD into the overlap when London already spent the range

[LondonScalper]

When London has already travelled GBPUSD’s typical range, the overlap is a different market.

I stop looking for continuation breakouts and either stand aside or look for digestion / mean-reversion style scalps with smaller expectations. Chasing a fresh ORB-style break after a spent London has been a recurring journal red flag for me — it feels like participation, but it is often late noise.

Rule: compare London range so far to the pair’s recent median London range. If we are already there before New York, continuation needs exceptional evidence — default is reduce size or flat. UK or US data into that window makes the default even more conservative.

Spent does not mean "no trade ever"; it means the playbook changes. That distinction matters.

Spent-range mornings are when I most need the written rule, because the clock still whispers that New York "always brings volume".

• How do you define a "spent" London on GBP?
• Flat, fade, or still continue with tiny size?

Practical definitions welcome.

[PropScalpDesk]

My definition is a ratio: London's high-to-low so far, divided by the 20-day median of the full daily range. If that's already above about 0.7 by 12:30 London, I call it spent. I compare against the full-day range rather than London's typical range because New York only adds what the whole day tends to allow, and cable on some days does most of its travelling in the London morning.

When it's spent, I don't go flat automatically. I just drop breakouts. Small fades back towards the London VWAP are allowed at half size, and never within 15 minutes of US data.