The British Pound has started the process of re-pricing against a range of currencies after the Bank of England’s shift in tone
To understand the fundamental drivers of British Pound price action in the second quarter, download our complete British Pound guide from the link belowis back in a long-running consolidation zone that started at the beginning of November last year. The move higher to 1.2900 was quickly retraced and the BoE re-pricing sent cable back below 1.2600. A few important technical indicators to note on either side of 1.2600, are the 38.2% Fibonacci retracement at 1.
Any move higher will find resistance at 1.2742 and the 1.2800 to 1.2825 area. The recent trading zone, highlighted on the chart, may see a short-term downside break but overall is likely to hold for the next two to three months.is another pair that has been trading in a defined range over most of the first quarter. Support around 0.8500 has held firm and promoted a sharp rebound during its two tests, while the 0.8550 area has seen a variety of highs and lows printed on either side.
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