Price has been sitting in a sideways range for a several days in a row now, and has failed to break or push through its most recent lows, instead creating marginally higher lows, all within a long term uptrend, it is giving me more confidence that this is a rest point for the pound.

Tonight we will be hearing from the Bank of Englands Governor he is expected to be dovish on the economy.

Despite the poor economic data amd expectation for the unemployment rate to rise by 0.1%, the prospects for a more valuable sterling are on the high side. vaccination rollouts are going smoothly in the UK and lockdown restrictions are easing, giving ample in the way for potentially a quick rebound.

The caveat to this is the currently strengthening US dollar, but against the Euro the sterling should trump so 2 postions could be considered off this line of thought.

GBPUSD Long

Mar 23 2021

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