(MENAFN- Daily Forex)

• The British pound rallied a bit in the early hours of Tuesday, as we continue to see a bit of a bounce at this point.
• The pair is trying to continue to bounce, but we have a few things above that could cause a bit of an issue. The market has been consolidating for some time, but the market is essentially trying to sort out whether or not it can make a bigger move. With the Non-Farm Payroll numbers coming out on Friday, the market could be a bit quiet between now and then.

Technical Analysis

The technical analysis for this pair suggests that we are still somewhat rangebound and don't really have anywhere to be. Because of this, and the Non-Farm Payroll numbers coming out on Friday, there is a real possibility that trading back and forth will be the way to act in this market. The 1.3350 level has formed a double bottom, and the 200 Day EMA is racing to reach that area as well. The 50 Day EMA sits just above the current price, with it sitting at the 1.3478 level. It is flat, so this suggests that we will remain sideways.

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The range for the session on Tuesday isn't all that impressive, but it is a positive move. Because of this, the markets will be noisy to say the least, but I think it all comes down to choppiness in this pair, like many others. I am bullish in general, but I also recognize that is this pair were to drop below the 1.3350 level, then it could unravel. As far as a move to the upside, the ceiling at this point in time seems to be the 1.36 level, and getting above there would be a significant breakout. In that scenario, we could see the US dollar falling hard against most other pairs, as it generally moves in the same direction around the world.

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EURUSD Chart by TradingView

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