Pound would be traded in a bigger range market ( Wide and in rectangular shape )
As shown on the chart , market has successfully broke the declining channel , but , did not succeed to continue the up breakout and retreated back to 1.48s levels .
Market is now expected to be in trading range between 1.50 and 1.47 levels ; in case has broken any of those levels then the market would be in new short-term trend.
In case upward breakout successful of 1.50s levels the 1.52 and 1.55 levels is expected – Breaking downward of the 1.45s levels then 1.42 /1.38 is the coming targeted.
Finally ; the market would be trading in this range as mentioned for extended time until the breakout ; no expectation of the direction of the breakout direction it would be equal forecast of both side breakout ; so do not anticipate the direction wait the breakout with decisive margin to know the coming direction
Daily Trend: Down
Weekly Trend: Down