According to the currency strategists at Wells Fargo, the mid-term prospects of the British pound are reserved. However, even despite such a negative factor (for the bulls) as the BOE’s asset purchase program, the UK’s economic prospects are not worse than those of the USA or the eurozone.
Therefore the near-term bias looks neutral. The price is expected to fluctuate within the 1.5235 - 1.5779 price range. A decline below the bottom of the range looks hardly probable.
As for the prospects of EURGBP, the British Pound obviously looks stronger.
According to , the British pound ahs suspended its downtrend against the US Dollar. The closest major level of resistance is located at 1.5622. A break below 1.5392 will indicate the beginning of wave А(С)/С inside the long-term bearish wave А/В. If this is the cast, the MF pivot б 1.5321 will turn into a major level of support.
