The Pound continues to move in a narrow range between the 55-, 100- and 200-hour SMAs.
A strong bullish sentiment pushes gold higher against the US Dollar on Monday.
By the end of Monday's trading session, the US Dollar extended it decline against the Japanese Yen. As a result, the pair breached the 200-hour simple moving average
The pair continues to move along the senior channel; upside is restricted by the 200-hour SMA near 1.2352.
The Sterling breaches the 100-hour SMA early on Tuesday, thus adding some bullish sentiment to the market.
The yellow mental continues to fall lower against the US Dollar.
The pair remains stranded between the senior channel and the combined resistance of the 100- and 200-hour moving averages.
The Sterling is likely to breach short-term channel today that result in a surge up to the 1.41 mark.
The Easter Holiday was spent with mainly low volatility and narrow movement for the US Dollar against the Japanese Yen.
Following a reversal from the two-week high of 107.00 late on Wednesday, the US Dollar began weakening against the Yen once again.
Movement potential is apparent in both directions; however, it is more likely that the Pound tries to test the 1.41 level.
The pair is likely to be squeezed in narrow range; a possible trading range is 1.2350/10.
The short of the Yellow metal continues to book more gains for traders, as on Thursday additional support levels were passed.
Thursday has shown even more gains from the US Dollar's side, as the USD/JPY pair has booked new heights.
The Pound tests the bottom boundary of a four-week channel near 1.4050.
The 1.23 area should be watched carefully, as the bottom boundary of the senior channel is located there.
In case the prevailing channel up is to prevail, traders might see a fall down to the 1.41 area this week.
A reversal from a down-trend near the March high of 1.2467 could point to a possible decline during the following sessions.
After the encounter of the upper trend line of the dominant channel down pattern the yellow metal's price has declined.
During the early hours of Wednesday's trading session the USD/JPY currency pair remained in the range reached on Tuesday.
The gains of the bullion have increased on Tuesday. However,
On Tuesday morning the USD/JPY currency exchange rate continued to surge on Tuesday, as the pair reached above the 105.50 mark.
The Census Bureau reported that the country's core durable goods orders came in better than expected, posting 1.2% uptick in February and surpassing the forecast of a 0.5% surge.
The Greenback strengthened against its European counterpart, following the US core durable goods orders data released on Friday.