The pair is consolidating under the technical correction. Yesterday it could not go through the resistance 111.80 despite the strengthening of the dollar across the market. This means that in the next few sessions the pair will be waiting in the range and gain strength before a new attempt to growth.
Yesterday the pound fell almost 100 pips against the dollar after Mark Carney said that it is too early to raise rates, too many questions remain unanswered and it is still not clear how the Brexit process will affect the economy. In other words, the regulator does not want to take risks. Today the pound is consolidating in a narrow range. The nearest support is at the level of 1.2600.
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