18.04.2014 - Traders are waiting for the signal on the pound
The price of the British pound was unable to overcome the upper limit of the rising channel and corrected amid strengthening of the U.S. dollar. Now the price is consolidating above the strong level of 1.6770. For the continuation of descending movement, the price needs to fix below this support line. In such case the objective will be the lower boundary of the rising channel. We expect low volatility on the markets in the coming days due to the celebration of Easter, but keep medium and long term positive outlook for the pound with the objectives in the area of 1.6900 and 1.7000.