GBPUSD - New range established

FX:GBPUSD   British Pound / U.S. Dollar
Chart - Hourly Chart

Range - 1.4541 - 1.4443

Traders should wait for a breach of the trading range rather than attempt taking sides as of now.

However, in our view, a possibility of the pair seeing an upside break from the trading range are high because -

  • The downside has been capped around 1.4443 despite horrible UK PMI figures released this week.
  • Furthermore, a higher rise in annualised US wage growth number in April also failed to push the pair below 1.4443 levels.

Nevertheless, it is essential to wait on the sidelines and not pick sides as of now.

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