GBP/USD: Confined in a range
|Nothing seems to have changed much for the cable and traders are likely to wait for a sustained break through the recent range before positioning for the next leg of a directional move, as FXStreet’s analyst Haresh Menghani notes.
Key quotes
“A sustained strength above the 1.2475-85 hurdle, leading to a subsequent move beyond the key 1.2500 psychological mark might now be seen as a fresh trigger for bullish traders.”
“On the flip side, the 1.2300 round-figure mark is likely to protect the immediate downside, which is followed by weekly lows, around the 1.2245-40 region.”
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