FXStreet – The perspective of the Cables has in the past few days, some depressed, said Karen Jones, head of Technical analysis at Commerzbank.
The Sterling is still struggling with a rise above the 55-week line in 1,2966 and the psychological resistance level of 1.30. The recent high-point was accompanied by a divergence in the RSI indicator on a daily basis. To negate the positive Outlook, should the currency pair below the lows of 21. April fall of 1.2760. This would possibly lead to further losses to the 200-day line at 1,2598.
A close above the 1.30 mark would put new upward potential in the direction of 1,3443 (September highs 2016).
** FXStreet News Editorial, FXStreet**