GBP/USD (current price: 1.3327)
The Pound continued its correction against the majors, although it finished relatively stronger against the Dollar, holding above the key technical level at 1.3285, without any major releases coming out from the U.K. Cable rose slightly before the ECB meeting, but the central bank’s press release pushed the Pound lower as well, together with other risk-on currencies. The cross remains in rising short-term trend following last week’s bullish releases.
Our assessment: GBP/USD might be ready to re-test the 1.3550 level, although a surprise rate hike by the FED might send Cable back near the Brexit lows, around 1.2850.
