Consolidation continues on the Pound

The Pound versus the Dollar on the daily chart continues in a range between the 1.3000 level as support and the 1.3300 zone as resistance. The Pound stays weak due to the fact that it is expected for the Bank of England to ease its monetary policy even more. The bullish pullbacks that the pair has made have been due to Dollar weakness and not Pound strength. At the moment, the 1.3000 is acting as support, but if the pair breaks below that level, it could go to the 1.2800 level. To the upside, the 55 day exponential moving average, purple line, could act as resistance along with the high at the 1.3481 level.