Pound is offering good opportunities for range trading during the past 2 weeks, with the price stuck in a small range, which mostly means that it is preparing for a big move…either up or down. For shorts, we have a clear SL zone above 3600, if it starts dropping, the first big target zone is 2500 and a small one at 2800, which was my initial short target for august. From a technical perspective, its a clear short of GU between 3100-3200, but pound doesn’t always respect technicals, especially not before spiking above or below good entry zones. So it might be a good opportunity to watch and evaluate and look for shorts if it isn’t able to break above 3200. Eventually bulls will get tired, if we stay in the current range, and give up. Then, 2800 would be the first target for bears.
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