GBP/USD nears key trendlne resistance

FX_IDC:GBPUSD   British Pound / U.S. Dollar
35 0 2
Sterling found bids around 5-dMA and rose to 1.4284 in the NY session. The bird is now just a few pips shy of the falling trend line R @ 1.4305-1.4310. BOE's take on Brexit issue tomorrow is likely to be accompanied bu dovish comments.

  • Sterling's failure to take out 1.4310 could trigger a fall to 1.4165. If penetrated, it would shift risk in favor of a drop to 1.4030.

    On the higher side, resistance at 1.4566 ( Apr             13 low) could be put to test if the spot is successful at taking out trend line R @ 1.4305-1.4310 and close abv 1.4330 (23.6% retrc. of 1.5930-1.3835
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