GBP/USD 1.4300-1.4400 Range Holds
Post ECB, the GBP/USD rose to 1.4440 level to test 100-day SMA before erasing all its gains to end in negative territory for second straight day.
GBP/USD might continue ranging
The
pair has managed to recover from yesterday's lows and is currently
trading with some strength around 1.4350 level. The pair could possibly
extend the recovery towards 1.4380-1.4400 strong resistance zone.
On
the downside, 1.4335 level should now act as immediate support, below
which traders might be eyeing 1.4300-1.4280 support zone.
With Brexit
continuing to grab headlines and with no major economic releases
scheduled during the course of the day, traders are unlikely to take any
positional bets on the pair. This might eventually lead to range-bound
movement between 1.4400-1.4300, 100-pip band.
