The British Pound is stalling at trend line support set from early February having dropped as expected following last week's release of the BOE Inflation Report. A break downward on a daily closing basis initially targets the 38.2% Fibonacci retracement at 1.6711. Near-term resistance is at 1.6820, marked by the 23.6% level, with a turn back above that aiming for the 14.6% Fib at 1.6887.
Risk/reward considerations argue against taking a trade at present withprices wedged too closely between near-term up- and down-side technical barriers. We will continue to wait on the sidelines for the time being.