GBP: Confined to the range between $1.2090 and $1.2375 - BBH

Research Team at BBH, notes that since the flash crash on October 7, sterling has been confined to the range set on October 11 between $1.2090 and $1.2375.  

Key Quotes

“Having tested the upside a few days ago (~$1.2330), it is poised to test the lower end next week.  However, the technical indicators warn against expectations of steep losses.  The Slow Stochastics have crossed higher, while the MACDs are set to turn up early next week.  Choppy, but broadly sideways trading seems like the most likely near-term scenario.”