Yesterday at the American session the pound sterling had grown to the maximum of 1.5754. Now it backs hard on all fronts due to the reporting of PPI Input fell to -0.3% in May. If you look at the graph the British currency is bearish in the short term, but it is likely to see a rebound in the first weekly support is at 1.5554. However, this pair is below the 200-day moving average, which means that this pair is in bearish zone. On the other hand, the Momentum Indicator is about to break the moving average of the MACD. If it breaks, it will be a sign that it is time to sell the pair. Therefore, you can sell below 1.57, in daily resistance levels around 1.5670 with targets at 1.5402 in the short term.
If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com
