Pound stands in consolidation mode against the greenback, having been trading within 1.5590 and 1.5740 for over a week already, showing no directional aims in this uneventful Monday. On Tuesday, BOE’s governor and other MPC members will once again testify on inflation before the Parliament’s Treasury Committee, the immediate risk event for the GBP: the pair will likely hold the range until then.
Technically, the 4 hours chart maintains a neutral to bearish stance, with price below and horizontal 20 SMA and indicators also directionless below their midlines. But the dominant trend is still bearish, and current consolidative stage seems more like a pause than a probable bottom, as price remains below key 1.5770 level, a strong midterm resistance. Intraday, a break below 1.5620 may see the pair retesting recent lows while if below, the downside is open towards 1.5550. An upward acceleration through 1.5685 on the other hand, should see the pair approaching the top of the range in the 1.5730/40 price zone.
View Live Chart for GBP/USD
Technically, the 4 hours chart maintains a neutral to bearish stance, with price below and horizontal 20 SMA and indicators also directionless below their midlines. But the dominant trend is still bearish, and current consolidative stage seems more like a pause than a probable bottom, as price remains below key 1.5770 level, a strong midterm resistance. Intraday, a break below 1.5620 may see the pair retesting recent lows while if below, the downside is open towards 1.5550. An upward acceleration through 1.5685 on the other hand, should see the pair approaching the top of the range in the 1.5730/40 price zone.
View Live Chart for GBP/USD
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