FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, believes that the Cable in the short term is negative.
“The Sterling is fighting the 55-week-to overcome MA of 1,2966 and the psychological level of 1.30, but could not. 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. “Now, the focus shifts to the 200-day MA of 1,2598.”
“A closing price above 1.20 means that the September 2016 unit of 1,3443 in the crosshairs.”
** FXStreet News Editorial, FXStreet**