GBP/USD has failed to pick up momentum after the Easter holidays, as it has remained trading in a range between 1.4020 and 1.41. A move above the latter level has been restricted by the weekly PP and the 200-hour SMA.
The general tendency, however, has remained slightly upwards. This suggests that if the aforementioned resistance is breached, the pair might go for a surge with no limits up to the 1.4175 mark.
On Thursday morning, the rate’s positioning is between all three SMAs. Analysts expect that the British Services PMI released today at 0830GMT might introduce high volatility in the market, thus surely surpassing one of these barriers.
The bullish scenario was already discussed above. In case the 55– and 100-hour SMAs are breached, a move below the monthly PP at 1.40 is unlikely.
