While EUR/USD tries to brake bearish momentum its correlation partner GBP/USD continues to trade in a narrow channel. From my personal experience these two currency exchange rates like to move in tandem, and if one is moving in certain direction the other one will eventually start moving into the same direction. The question is whether EUR/USD will follow GBP/USD, or GBP/USD will follow EUR/USD. Fundamentally the background has not been changed. Technically the picture is neutral, either the bearish trend takes another coffee break or a new consolidation point is forming. In my opinion, the latter is more probable due to remaining high bearish CFTC positions. I expect GBP/USD to start moving higher together with EUR/USD. At least due to the fact that short term traders prefer to close their positions before major fundamental events, such as ECB meeting, and at the moment there are more open bearish positions. The other question concerning me is when Bank of England will start decreasing their own Asset Purchase Programme - it can boost GBP's value. At least in theory.

Downside risks: new unexpected fundamental information

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