The British Pound is stalling at chart resistance after bouncing from four-month trend support to launch a recovery against the US Dollar. The first layer of resistance is at 1.6906, the 23.6% Fibonacci expansion. A daily close above that clears the way for a test of the 1.6996-1.7015 area, marked by the
The available trading range is too narrow to justify taking the long or the short side of the market from a risk/reward perspective. We will continue to stand aside for now, waiting for a more attractive opportunity to emerge.