GBP/USD (current price: 1.4247)
The great British Pound had a volatile day as mixed news came out regarding the risks associated with the June referendum on the country’s exit from the EU. The Pound rose as much as 1% against its main counterparts before fading in the afternoon, to close only 0.3% higher against the Dollar. Cable is still trading in a symmetrical triangle formation, which should break in the next few days. As the primary trend is still declining
Our assessment: GBP/USD has been consolidating in recent weeks, but a re-test of its previous lows near 1.385 seems likely considering the longer-term trend.
