Pound/dollar has broken below the double-bottom at 1.3775 and uptrend support. It also suffers from downside momentum on the four-hour chart. However, the Relative Strength Index has dropped below 30 entering oversold conditions and implying a bounce.
Cable is battling the 1.3680 level which provided support in February. Further down, the next levels to watch are 1.3610 and then 1.3565, both working as cushions around the same time. Some resistance is at 1.3745, a temporary cap from February, and then the strong 1.3775 level mentioned earlier. Further above, 1.3820 is the level to watch.
Our information/charts are NOT buy/sell recommendations. Are strictly provided for educational purposes only. Trade at your own risk and analysis.
Contact our advisors through website chat 24/7.