Internal liquidity sources include short-term, high-quality assets that can be converted to cash at a reasonable cost. Borrowings from related offices of the foreign banking organisation (FBO), other financial institutions, and overnight or short-term depositors are examples of external sources of liquidity. The market is said to be operating in a range when it makes a new impulse and then pulls back. We see internal liquidity formed within the range and external liquidity resting on the impulse's tips/swing points. As the tape winds, the market prefers to try internal liquidity first, then external liquidity, and the interchanging pattern continues throughout.