Sterling Finding Bid As Fears Subside
The GBP/USD has been range bound stuck between 1.4250-1.4500 which has me waiting for a break of the formation before entering into a position. Today’s spike above the upper bound could be a sign that a break to the upside is forming and a move back above 1.4500 could lead me into a long position with the 20-Day SMA at 1.4698 as my initial target. I will take a small position and will wait for a break of the technical level to increase my bet. I’m still fearful that the pair will ultimately look to test 1.4000.
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