GBP – The pound is consolidating at high levels, capped by the 1.36 range

The pound/dollar pair has been consolidating in a high-level range in recent months, clearly capped by the 1.36 level. A further break below the recent low of 1.3450 would likely trigger a correction. The charts also show the RSI and Stochastic Oscillator trending lower again, indicating short-term downward pressure on the pound. The support is forcasted to 1.3380, followed by 1.32 and 1.3150, with a key level at 1.30. The resistance is forcasted to 1.3610 and 1.3660, with further resistance at 1.3720 and 1.38, and a further target of 1.3870.

Forecasted range:
Resistance: 1.3610 – 1.3660 - 1.3720 – 1.3800 – 1.3870
Support: 1.3450* - 1.3380 - 1.3200 – 1.3150 – 1.3000*

This Week's News Highlights:
6/5 UK April Services PMI: 52.7 UK April Composite PMI: 52.6

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