For the last three trading sessions, the Pound has been unusually tame against it's American counterpart. Up until the start of the European trading session, one may have suspected the culprit to be the general anticipation of the Bank of England rate announcement. Now that this has passed, the tight consolidation remains. For now, traders might be able to play this light environment until the pair breaks out to either side.
Currently, we see the Pound trading just above support against the U.S. Dollar. The pair may move upward towards resistance, around the 1.4710 level.
Al Bawaba
