GBP/USD 1.4300-1.4400 Range Holds

GBP/USD 1.4300-1.4400 Range Holds

22 April 2016, 08:28
Roberto Jacobs

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.


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