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Pound Sterling Technicals

by on June 21, 2013 4:14 pm BST
 

On the 2Y daily chart, the Pound broke through all major supporting moving averages: 20, 50, and 200 EMA. The close at the end of the day can prove imperative in the short-term; however, here is what we have currently:

There seems to be intraday support at 1.5335, so a close would indicate further downtrend to 1.5267 and 1.5228. If the intraday support holds, a short-term bounce to 1.543 to 1.548 (near 50 EMA), but with the increase in support for the King dollar, any retrace in Pound could be short-lived. Look for continued movement down south, but trade with reasonable stop-losses as GBPUSD has a propensity to regularly spike in either direction.

2Y Daily Chart on GBPUSD

2Y Daily Chart on GBPUSD