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British Pound Rally Hits the Buffers But Sellers Should be Cautious

Currencies / British Pound Aug 17, 2009 - 01:32 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleThe Technical Trader’s view:



MONTHLY CHART

We can see that there’s a long-term trading range well-established from the early 1990s.

And the market’s recent rally has driven it up to substantial resistance at the 1.050 low.

WEEK CHART

The struggle at that level is clear – a band of resistance looks to be in place 1.6802-1.7050.

(Equally we note that there was a double bounce from the lows adding great vigor to the rally.)

DAILY CHART But this reveals that the market has just tip-toed up to the resistance band and pulled back.

Certainly the prior High Supports nearby at 1.6661 have been smashed – yet we are not that bearish because there is no clear REVERSAL structure in place – short-term.

So for the moment we are standing back awaiting short-term patterns that endorse the medium-term failure at the 1.7050-1.7450 band of resistance.

The Macro Trader’s view:
John Lewis is away.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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