Pound gets pounded
The pound (GBP/USD) has lost important positions and is trading at $ 1.68 on Thursday.
The bullish movements since 1.58 dollars have taken place within a medium-term bullish channel and today the pound has abandoned that area. It is not vulnerable and may extend losses toward $1.67-$1.66, which is near the 200-day moving average. The, we can't rule out further declines toward lower front values.
In case of possible bullish rallies, we see that the pound offers resistance at 1.705-1.71, with 1.72 being the main resistance in the short term.
Only with a direct break above 1.72 will the pound enable more bullish rallies towards more ambitious areas around $1.74-1.745 as it looks to find balance at the upper zone of the channel.
About the Author
Julian Yosovitch is a trader, and columnist for Ambito Fiinanciero (Argentina), Gestion (Peru), Saladeinversion.com, Inversion and Finanzas (Spain).
He holds a Bachelor of Business Administration and a Professor Master in Finance (UDESA). He is also a Capital Markets Specialist (UBA-IAMC) and Financial Markets Analyst - Ruarte´s Reports Trader. Follow his blogs here, and folow him on Twitter @julianyosovitch.
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