The British Pound had a bad start to the week – it opened significantly lower than Friday’s close – it opened at 1.5293, about 70 pips lower and below the 1.5350 support line. It later fell as low as 1.5191, a safe distance from the 1.5120 support line.The recovery already began earlier, but the gap was closed only after the inflation figures were released. GBP/USD jumped higher and peaked at 1.5418 at the moment before retreating just under 1.54.
The Pound is now trading between 1.5350 and 1.5520 – this was both last week’s peak and also a support and resistance line when the Pound traded at higher ranges. Above 1.5520, the next significant resistance line is at 1.5833, which worked as a support and resistance line. The last attempt to break this line failed and sent the Pound way down.
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