The pair is consolidating in the range 1.249 - 1.279 in expectation of the Bank of England meeting on monetary policy. It is supposed that the regulator will remain the rates and incentives unchanged.
Technical side:
The price is under the middle Bollinger band and SMA 14, above SМА 50. RSI is under 50% and starts moving up. Stoch are above 50% and signal reinforcement of the price raise.
Trading recommendations:
Buy the pair from the lower bound of the range with a local target at 1.2790.
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