The bullish momentum returned for a while on Monday. The pair developed a short-lived recovery growing from 1.0500 to 1.0600. The recovery stalled around the 1.0600 hurdle where the price found a decent resistance. The resistance is seen at 1.0600, the support stands at 1.0550.
If the bearish tone persists we expect a breakout of the level 1.0400. The level 1.0350 is the first sellers’ target.
A fresh wave of the cable selling emerged during early Asian session on Monday. The pound lost ground and sharply fell to 1.2100 breaking through 1.2200 on its way downwards. The 1.2100 handle stopped the bearish impetus and the pair traded mostly sideways after that. The current resistance is seen at 1.2200, the support exists at 1.2100.
We expect a renewed selling interest. To trigger additional downward momentum the pound needs to break the level – 1.2100. In this scenario sellers may drive the price to 1.2000. A limited recovery to the 1.2200 -1.2230 region is possible.
Inability to break above117.50 caused some profit taking after last week rallies. The pair retreated from 117.50 and slightly moved towards 115.60. Sellers met a barrier at the level and had to return to 116.00. The resistance exists at the level 117.00, the support comes in at 116.00
If a downward pressure persists the price will break 116.00 and will move towards 115.00.
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