FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the possibility exists that at 1,2940 a was formed.
“According to the BoE interest rate decision and economic forecast last week, got the Sterling a little under selling pressure. 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 1,2596.”
“A closing price above 1.20 means that the September 2016 unit of 1,3443 in the crosshairs.”
** FXStreet News Editorial, FXStreet**