FXstreet.com (Barcelona) – Tim Riddell, ANZ Head of Global Markets Research, Asia, notes that the recent GBP/USD trading range is dominant, with a near term downside bias.
“Little change. The underlying bias remains that a frustrating period of range trading continues to develop.”
“The inability to hold levels above 1.5650 could signal an interim top and so the current slide below 1.5575 suggests a near term “bull-trap” was triggered on the pop above 1.5650.”
“A close now below 1.5500 should trigger another slide towards the 1.5250, possibly 1.5000, as the frustrating range trading unfolds. A spike back above 1.5650 …read more