Pound/dollar has dropped below the 100 Simple Moving Average on the four-hour chart and also trades below the 200 SMA. However, it is holding above the 50 SMA and enjoys upside momentum. Resistance awaits at 1.2275, the daily high, followed by 1.2335, a stepping stone on the way down in mid-May. The recent peak of 1.2360 is a strong cap. Support awaits at 1.2205, Thursday’s swing low, followed by 1.2160, the weekly trough. Further down, 1.2080 awaits sterling.

Interested in expanding your knowledge about our services

Interested in expanding your knowledge about our services

Whether you’re just getting started or looking to sharpen your skills, our eBooks are designed to help you dive straight in to the world of forex trading. Learn everything from basic to more advanced techniques and much more. Simply fill out the form below to get access to your FREE ebook Now!