British Pound Rally Hits the Buffers But Sellers Should be Cautious
Currencies / British Pound Aug 17, 2009 - 01:32 AM GMTBy: Seven_Days_Ahead
The Technical Trader’s view:
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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. |
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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.) |
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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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