25.04.2014 - Pound moves in the side channel
The price of the British pound bounced up from a strong support level at 1.6770 and continues to consolidate within the corridor 1,6770-1,6840. To determine further movement a new signals are needed. We recommend to open long positions after the price fixation above 1,6840 with the target at 1.6900, and sell short in case of price fixing below 1.6770 with the targets at 1.6700 and the lower limit of the upward channel. The course of trading today may be influenced by data on retail sales in the UK (8:30 GMT) and the index of consumer confidence in the U.S. (13:55 GMT). We keep medium and long term positive outlook with the target price at 1.70.