Sterling tests the 200‑day M/A – Critical support in play

Carol Harmer Charmer Trading

Sterling continues to hold the 200‑day moving average at 1.3442. We’ve tested this lower boundary twice, and twice it has held. As I always say: twice we hold, the third time we break — so this level deserves attention.

Price action has been indecisive, with the market opening and closing at virtually the same level. That tells me traders are unsure whether this support will give way. Indicators are slightly oversold, but not yet turning positive — something to keep in mind.

Topside, resistance sits at 1.3540/41, where sellers are quick to attack any bullish attempts. The weekly charts still show weakness and are not at oversold levels, reinforcing the downside risk.

The question now: can buyers defend the 1.3440 region?

If they fail, look for 1.3330–1.3300 as the next target zone.

To ease downside pressure, we’d need a break above 1.3560, opening the path toward 1.3635.

This is not investment advice. My Money, My Risk.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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