Yahoo Finance Pound Producing Opportunities
The Pound reversed from lows on Wednesday and is now battling short-term highs within an established range against the U.S Dollar. The Bank of England will conduct its monetary policy meetings next week and they will provide an impact for Pound traders.
The Pound Will be in Play
The Pound has regained solid value in the past day, as it has come off lows and is now trading near 1.350 against the U.S Dollar.
While many eyes will be on the Euro today because of the European Central Bank meeting, the Pound should be kept in mind because the Bank of England will conduct their monetary policy meeting next week.
Pound Churning Inside a Cycle
The mid-term has produced a churning like a cycle of range trading for the Pound. The British currency has found support around the 1.3080 level against the U.S Dollar.
However, the Pound has also seen higher values last month, and speculators may be positioning themselves for the potential of another climb higher.
Long-Term Trend for Pound
The Pound is likely to continue experiencing range trading leading up to the Bank of England next week, but the currency has shown a rather consistent ability to bounce off lows and produce incrementally better values.
A view of the Pound long-term shows a steady traverse upwards September of last year. And the British currency may continue to achieve better results for traders with patience.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
