The pound sterling against the dollar surged yesterday and breached the 1.3530 level; now it is heading towards more rise in the intraday term and is about to test the 23.6% Fibonacci retracement level. Breaching this level will extend the bullish wave to aim directly at 1.3730.
Therefore, the bullish bias will be likely for the upcoming period, however, two conditions should be met for the bullish wave to continue: breaching the 1.3610 level and consolidating above the 1.3500 level.
The expected trading range for today: between the support of 1.3480 and the resistance of 1.3650
The forecast trend for today: bullish