GBP/USD: Confined in a range

Nothing seems to have changed much for the cable and traders are likely to wait for a sustained break through the recent range before positioning for the next leg of a directional move, as FXStreet’s analyst Haresh Menghani notes.

Key quotes

“A sustained strength above the 1.2475-85 hurdle, leading to a subsequent move beyond the key 1.2500 psychological mark might now be seen as a fresh trigger for bullish traders.”

“On the flip side, the 1.2300 round-figure mark is likely to protect the immediate downside, which is followed by weekly lows, around the 1.2245-40 region.”