Flash: GBP/USD pointed higher, though proceed with caution – ANZ

FXstreet.com (New York) - Given the background bias towards a persistent and frustrating period of range trading, the current GBP/USD push above 1.5650 should be treated with due caution, notes Tim Riddell, Head of Global Markets Research at ANZ.

Key quotes

“Short-term price action appears constructive and could allow for a further push (through interim resistance at 1.5680) towards the interim retracement level of 1.5790.”

“However, the broader bias is that such a push will take GBP/USD into a sell-zone within this broader bias of redefining. This is another case of beware bull-traps.”