The pair had similar movement to the EUR/USD and once the worse than expected US data came out, we saw a touch of 1.5600 which turned now into resistance but price was quickly reversed to the down side.
Technical Outlook
Except the whipsaw generated by the news release yesterday, the pair is
trading sideways and a technical prediction cannot be made accurately. The thing too look out for is a break of 1.5600 resistance which may generate a continued move to the upside. On the other hand, a touch and rejection off this level indicates that down side movement will probably continue.Fundamental Outlook
The United Kingdom doesn’t release any news today so price action will be driven by the US Consumer Confidence indicator and by the technical aspect.
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