FXstreet.com (Barcelona) – The Sterling has failed to break above yesterday’s high at 1.4780, and has dropped to levels below 1.4700, close to intra-day low at 1.4665.
In case of dropping below the aforementioned intra-day low, next support levels could come at 1.4635 (Apr 8 low) and then intra-week low at 1.4575. On the upside, 1.4775 and above here, 1.4850 and above here, 1.4955 (Apr 6 high).
Tim Salem collaborator at FXstreet.com affirms that the Pound is moving into a triangle pattern: “Consolidation also continues with an Hourly Symmetrical Triangle Formation with the Apex @ approximately the 1.4700 Handle. An Upside Bias and Break from the 1.4686 Daily Pivot Level brings 1.4729 Daily Static Resistance followed by the Dynamic Resistance @ 1.4740, where Price Behavior is currently at as of this writing.”
In case of dropping below the aforementioned intra-day low, next support levels could come at 1.4635 (Apr 8 low) and then intra-week low at 1.4575. On the upside, 1.4775 and above here, 1.4850 and above here, 1.4955 (Apr 6 high).
Tim Salem collaborator at FXstreet.com affirms that the Pound is moving into a triangle pattern: “Consolidation also continues with an Hourly Symmetrical Triangle Formation with the Apex @ approximately the 1.4700 Handle. An Upside Bias and Break from the 1.4686 Daily Pivot Level brings 1.4729 Daily Static Resistance followed by the Dynamic Resistance @ 1.4740, where Price Behavior is currently at as of this writing.”
