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Pound has clearly underwhelmed investors, who were hoping a rise in the exchange rate, given Bank of England (BOE) stands next to FED in hiking rates. Cable has moved into a tight consolidation against Dollar ahead of Key events.
Super Thursday -
- Bank of England (BOE) under new arrangement, will release monetary policy decisions along with inflationary outlook, which might have sufficient firepower to fuel pound. However, move against dollar might remain mute ahead of Mega Friday.
Mega Friday -
- This Friday will mark the release of US jobs report, which might result in sharp rise in volatility given the phrase of "some further improvement" in labor market from FED.
Consolidation -
- Upper bound for the tight range is around, 1.568-1.57 area, whereas support lies at 1.545 area.
- Bulls have tested resistance 5 times so far, while bears have tested support only twice.
Expectation -
- Both the event has high firepower, which might lead to the break of the range, however it seems significant probability exists that range might continue beyond this week.
- Pound likely to test support area at 1.545 at least once more, even a break to the upside takes shape.
