The Pound has given a stellar performance in yesterday's trade closing above 20Dsma. In todays session, the cable held the 20Dsma support and again moved higher, breached the 2-month descending trend line. The pair formed a triangle, and just breached the upper end of that, a daily close above the upper end of the triangle makes further bullish movement in the near term. Today, as of now, the cable made a high at 1.6460 and trading at 1.6422. The pair has resistance between 1.6586-1.6590 levels. A weekly close above these, makes it more bullish in the short term. On the down side, it has support at 1.6380.
Support 1.6380 1.6245 1.6160
Resistance 1.6440 1.6590 1.6625
For an intraday view, the prices are trading above 12ema and 35DEMA, representing further bullishness. As we recommended in yesterdays articles, our upside target at 1.6380 was completed above 1.6280. The cable flew 200 pips from the buying level. The hourly and intraday support is at 1.6390, 1.6347 and 1.6325.
