GBP/USD Analysis:
Again today is a day of few major news. Japan is on holiday an Europe and US has no major news to report.
Yesterday, the pound made a down, but was supported at 1.616. In order for pound to continue its way down it has to break 1.61 and better still the daily EMA200 at 1.60.
Without news, the pound will determine the trading range by morning or by afternoon. By morning trading, the pound climbed above 1.622. Should this range continue, the pound will trade within 1.622 and 1.627.
The afternoon session could bring the pound to the next trading range, which can either be 1.616 to 1.621 or 1.629 to 1.634.
If pound break 1.61 it will be a go down and if it break 1.634, it will meet resistance at 1.64, then 1.644.
Trend: Quiet and has to be cautious with trading range yet to be determined.
For conservative trade, do a long at 1.616. Overall trend using the daily CCI showed the pound moving upward, only to take short trade after 1.610.
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