GBP has been under pressure lately but a strong relief rally on bad US data saw a retest of the 1.96.The U.S. currency was also close to a one-week low versus the pound on speculation of the existing U.S. home sales which is expected to fall for a second month Markets now look to MPC minutes on Wednesday for Central bank thoughts on Rates.
tech view:
pound is expected to be on a mixed note for the day with the trading range expected between 1.9510-1.9630 levels for the day. currency has its support at 1.9480 levels and holds resistance at 1.9640 levels .Momentum and RSI is seen flat giving no indication but however the currency is trading well above the fast moving average.
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