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GBP/USD : In search of a catalyst to break the range

The GBP/USD fell during the session on Tuesday with the bears pushing the market all the way down to near term support at 1.523. The cable has been trading in a tight range lately between 1.52 -1.54. With the RSI standing around its neutrality area on the 30 min chart, we expect the bulls to push the market higher to the upper limit of the trading range. Key target for the bulls sits at 1.534. Going forward, we need to see an upside penetration of 1.54 level, for a bullish outlook to be established in the market. A consistent break above that level would open the door for 1.5498 and 1.564. In the alternative scenario, a break down below the 1.52 level, would initiate further selling that could push the market down to the 1.52 level.
Dafni Serdari
Market Analyst
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