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The June Fed meeting is likely to see policymakers moving from ‘potentially talking about discussions about tapering’ to the actual ‘discussions about tapering.’
British Pound Technical Analysis: GBP/AUD, GBP/CAD, GBP/NZD Rates
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The Sterling-commodity currency crosses remain rangebound, as they have for many months now.
GBP/AUD rates remain the most interesting of the three GBP-crosses reviewed in this report, continuing to linger below multi-decade trendline resistance.
According to the IG Client Sentiment Index, the British Pound has a mixed bias.
Range Trading Persists
More rangebound price action in the British Pound may not be a surprise given recent price developments. Weakness by the Sterling has been met by an environment defined by weaker commodity prices, which has handicapped the commodity currency trio duly. As measures of volatility die out heading into the summer months, it may be the case that these GBP-crosses remain rangebound for the foreseeable future.