R3: 2.0050

R2: 2.0000

R1: 1.9950/60

Current Price: 1.9907

S1: 1.9860/70

S2: 1.9820

S3: 1.9780

Rate nearly engulfs the past five trading days after starting lower on good volume, upside move just looks unconvincing as resistance caps the rally even after close-in stops were elected. Look for inside range day tomorrow as no one was looking for an upside move like this today. Traders caution that the BOE may say something dovish hinting at a rate cut leaving the GBP vulnerable to a pullback. Stops likely all over the place on both sides as the volatility is getting large.

Analysis by: Jason Alan Jankovsky in Association with The Forex Edge


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