FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the possibility that the Cable in the upper area of the 1,2900 an interim high has been formed.
“The Sterling failed, not least about the 55-weeks-to increase the MA of 1,2941 and the psychological level of 1.30, so that we must assume that here is a High was formed. The recent High was also eventually a divergence for day RSI, but it is a decline below the Low of 21. April negation of 1.2760 required to the upward pressure. Thus, the focus shifts to the 200-day MA of 1,2595.”
“A closing price above 1.30 means that the September 2016 unit of 1,3443 in the crosshairs.”
** FXStreet News Editorial, FXStreet**