The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
The week has not been particularly busy for GBP/USD traders, with little important news. As a result, we’ve seen the currency drift lower, with the 50-day moving average looking under pressure.
The bias remains to the upside, but I would wait until Monday before recommencing any long positions. The Crimean referendum and associated political commentary will unnerve markets over the weekend, so it may take time for the dust to settle.
The currency pairing is still in its longer-term uptrend, with rising support just above $1.65. We may retest this level but the situation still looks supportive of a bounce, in which case $1.68 returns as a potential immediate target.