In line with expectations, GBP/USD was relatively still on Tuesday, as no major fundamental events that could shake the market were scheduled for the given session. As a result, the Pound formed a flat short-term channel down and tested its upper boundary this morning. Meanwhile, the rate remains stranded between the bounds of the 55-hour SMA and the weekly and monthly S1s at 1.3065 and 1.2950, respectively. The Pound may appreciate against the Greenback in this session, testing a resistance set by the aforementioned 55-hour SMA and the monthly PP at 1.3085. Nevertheless, it is likely that yesterday’s lack of momentum may likewise repeat today, thus making no significant changes to the overall price level by Wednesday morning.
