The British pound has been trading in the range of 1.5450 -1.5765 for three months. Now the pair is trading above the 1.5765 resistance level, which now serves as a very strong support. The fact that the pair has returned to that level and then bounced from it, increases the likelihood of a very strong bullish turn with a very strong traffic levels of 1.5850 -1.5960 (strong resistance). We can sell cautiously below these levels because there is a low volatility these days. If you prefer to buy, we recommend having a look at daily support levels.
It is most likely that the pair can quote at 1.60 level by September. Our outlook is bullish in the medium term above 1.5700.
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