Pound retreat from Friday's high at 1.6080 extended on early London session amid surging aversion to risk, reaching fresh 5-month highs below 1.5800, to find support at 1.5775, and bounce up as panic eases, returning to 1.5900 area on early US session.
On the upside, the pair might find resistance at 1.5910/30 (Jun 27/28 lows), and above here, 1.6000 (psychological level) and 1.6040 (day high). Support level lies at 1.5775/00 (day lows), below here, 1.5745 (Jan 25 lows) and 1.5650/60 (Dec 17/31 highs).
On the longer-term, the pair has resumed the short -term downtrend below 1.5911, with further downside expected, according to Mohammed Isah, technical analyst at FXTechstrategy: "With the break of the 1.5911 level, its Jun 26’2011 low triggering the resumption of its short term downtrend, further downside risk is now expected. Support starts at the 1.5749 level, its Jan 25’2011 low followed by the 1.5700 level, its psycho level and then the 1.5600 level."
No comments:
Post a Comment