GBP/USD: Still Trading In Sideways Range
Forex4you | Mar 26, 2015 06:41AM ET
GBP/USD continues to move within a bounded range with a ceiling at around 1.4965 and variable lows. The dominant down-trend remains intact and it is expected to resume once the consolidation has completed.
The Money Flow Index can be useful for indicating underlying strength of weakness in sideways moves, and on this move it is indicating a very marginal bearish bias.
Ideally I would want to see a break below the 1.4633 lows for confirmation of more downside, with a target at the psychologically significant 1.4500 round-number.
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