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Pound Capable of Producing Opportunities

Yaron Mazor
Updated

The Pound has traded in a rather tenuous range mid-term as it stays highly valued but gets pushed back by consistent resistance. Bank of England Governor Mark Carney is speaking today about inflation, and traders may find opportunities within the Pound.

Pound Near Important Trading Juncture

The Pound continues to put in higher valued range trading this morning. The British currency is near the 1.3250 juncture versus the U.S Dollar.

GBP/USD 1H Chart
GBP/USD 1H Chart

The U.K Inflation Report Hearings are underway and traders are responding to Bank of England Governor Mark Carney’s comments. However, there have been no major surprises.

Stiff Resistance and Range Opportunities

The Pound has experienced resistance the past month and a half around the 1.33 ratio against the U.S Dollar. However, the currency continues to allure traders as they try to take advantage of its range.

GBP/USD 4H Chart
GBP/USD 4H Chart

And in the short-term, investors may remain rather cautious with the Pound because of the Brexit, and Prime Minister Theresa May’s rather unstable hold on power.

Instability Mixed with Dynamic Possibilities

A look at a long-term chart of the Pound clearly shows the currency has been able to attain upwards momentum.

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The Pound is intriguing because it offers experienced traders an opportunity to take advantage of current instability while offering a positive dynamic.

GBP/USD Daily Chart
GBP/USD Daily Chart

In the short term, we believe the Pound may be negative. But in the mid-term, we believe the Pound may be positive. Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

This article was originally posted on FX Empire

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