GBP crosses are driving the currency – Lloyds Bank

Research Team at Lloyds Bank, suggests that the GBP crosses are driving the currency, which has seen GBPUSD push back through the 1.42/1.4250 pivot region.

Key Quotes

“While upper range resistance lies at 1.44/1.45, we see interim channel resistance lying at 1.4360. 1.40-1.3980 is still the main important support region ahead of the 1.3835/1.35 key range lows.

Medium term, we expect the market to continue to trade a range between 1.3850-1.35 support and 1.45-1.48 resistance. Should we see a breakdown through 1.35, then we have little in the way till meaningful support in the 1.2800 region, while a move up through 1.48/1.50 would suggest the 1.40-1.35 support that has held for the last 30-years has again held.”