Pound recovery from one-year lows at 1.5325 has been capped at 1.5705/20 resistance area.Technical indicators show Pound strength, I observes good possibilities to break higher: "We have the 1.5705/20 resistance to overcome and 1.5705 was the high yesterday so i can see what we are up against.Technically the market looks quite good and we should be able to break to 1.5705/20 today."
However,I advices caution at 1.5705/20 area as sellers are expected to show up at these levels: "I advise covering all longs here...I would expect the market to fall and for the sellers to come back into the market again... however if above 1.5770 look for further strength to emerge with 1.5835/40 then the targeted area."
However,I advices caution at 1.5705/20 area as sellers are expected to show up at these levels: "I advise covering all longs here...I would expect the market to fall and for the sellers to come back into the market again... however if above 1.5770 look for further strength to emerge with 1.5835/40 then the targeted area."
By
M.Zohaib Gadit
Forex Trading Consultant
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