The Pound finished on Friday around the same price level it had a week ago, hovering around 1.4450/70. GBP/USD failed to consolidate above 1.4520 and pulled back to 1.4430.
The pair broke yesterday an important resistance and rallied to 1.4610, reaching a 2-week high but the pair was rejected from those levels. Earlier the Pound was able to hold above an important support zone that lies at 1.4220/30.
“The main trend remains down in the GBP USD but the market is beginning to show signs of a bottom. The short-term range is 1.4229 to 1.4610. This creates a retracement zone at 1.4419 to 1.4374. Watch for a near-term pull-back into this zone. If this market is going to move higher then it must build a secondary higher bottom at or near this zone”, James Hyerczyk, analyst at ForexHound.com said.
The pair broke yesterday an important resistance and rallied to 1.4610, reaching a 2-week high but the pair was rejected from those levels. Earlier the Pound was able to hold above an important support zone that lies at 1.4220/30.
“The main trend remains down in the GBP USD but the market is beginning to show signs of a bottom. The short-term range is 1.4229 to 1.4610. This creates a retracement zone at 1.4419 to 1.4374. Watch for a near-term pull-back into this zone. If this market is going to move higher then it must build a secondary higher bottom at or near this zone”, James Hyerczyk, analyst at ForexHound.com said.
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