GBP/USD Looks To Extend Range As Markets Await Direction From BoE
The GBPUSD breaking below the 20-Day SMA led me into a short position which I took profits on at support at 1.4866-61.8% Fibo of 1.3514-1.7046. The technical level has held firm warding off its fourth test. We could be seeing a prolonged range developing as markets await the BoE to determine the future of their asset purchase program at their April 8th meeting. Another pause could leave eth pair in limbo extending the current range opportunity. Therefore, I will look to take a long position if we see the pair break above trend line resistance at 1.500 which slowed gains today. Additionally the psychological level is a barrier itself. However, a break below Fibo support exposes 1.4500 and would led me into a short position.
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