FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, believes that the Cable according to the most recent downward movement, a recovery experience can.
“The Sterling failed to last, just ahead of the 29. September High of 1,3060. The recent movement to a new High was not confirmed by the daily RSI and we see on the daily chart a Count of 13. The Erosion of the short-term upward trend of 1,2839 led to a sell-off to 1,2776 (High-6. December) and we expect a slight recovery before the losses to the 1,2591/61 (200 – and 55-day MA) will be expanded.”
“Intraday rallies are expected to fight will probably have at the 1,2865, while the 1,3060 fights Happen. About the September, 2016 unit of 1,3446 in the focus.”
** FXStreet News Editorial, FXStreet**