GBPUSD Continues to Trade in the Same Tight Range
which is closer to the 1.22 level. The market breaking above the 1.2550 level opens the possibility of a move to the 1.2650 level, which is the last vestiges of resistance. Anything above there has this market turning into a “buy-and-hold” type of market, opening the possibility of a move all the way to the 1.30 level.The market is generally very noisy, and I do not think we are ready to do so.
As you can see on the chart, I have a rectangle that shows exactly what I think the market is trying to figure out at the point we are in right now, whether we can break out of this little area. Overall, it seems that the market is taking a wait-and-see approach to the British pound. While there are some positive signs, such as strong economic data and a more optimistic outlook for Brexit negotiations, there are also concerns about the impact of risingand global economic uncertainty. As such, it may take some time for the pound to break out of its current range and make a sustained move in one direction or another.
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