The British pound went sideways during the day on Wednesday, and then shot to the upside. The 1.31 level above has offered resistance, but it looks like we are ready to break out to the upside. Being the case, I think the next target is the 1.3250 level, which is a previous resistance barrier. A break above there would send this market much higher. In the meantime, I think that the volatility will continue, but I think this is more an anti-US dollar move than anything else. The US dollar is on its back heels, and that’s going to be true here as well.
Written by FX Empire