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GBP/USD likely to be range-bound – FXStreet

FXStreet (Barcelona) - Matias Salord, FXStreet Analyst, notes GDP/ USD to continue to move in a range and only a break above the resistance can trigger another bull run.

Key Quotes

“The range is likely to persist and only a break above 1.5740, key short term resistance (200-SMA) that capped the upside on Monday and yesterday, could trigger a bullish run.”

“On the downside, price has two strong support levels at 1.5620 and 1.5590 (2014 low); below it could accelerate but considering that no major economic data will be released and if risk appetite remains in place, GBP/USD is likely to avoid reaching fresh 1-year lows on Friday.”

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