I had no directional bias yesterday as the price was right in a middle of a wide range, giving no short-term clues either as to direction as London opened. The price has eased down over the past day but still not broken any key support. Longer-term price charts show that the Pound looks relatively weak, but it looks as if the price needs to spend a little more time preparing to move down before it can make the move. A break below 1.3300 would probably be a bearish sign, but I think bullish bounces at any of the nearby support levels are going to produce sizeable bullish retracements and that such bullish bounces are the more likely scenario. The data due later for both currencies is likely to have a major impact and can override the technical picture.
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