FXstreet.com (Barcelona) - The Pound's decline from intra-day low at 1.5880 against the Dollar has found support at 1.57328, 5-month low, and pair has begun to rise to trade above 1.5800 in a rebound movement. Currently the pair is trading 1.5800/10, 0.30% below today's opening price action at 1.5850.
4 hours charts show pair still has room to extend downside movement, despite any upside corrective movement; under 1.5730 area, next support came at 1.5680 and 1.5630 area. Resistances from current level lie at 1.5770, 1.5820 and 1.5880, daily high.
Stoyan Mihaylov, analyst at deltastock, comments: The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258. The downtrend from 1.6130 resistance accelerated and broke below 1.5855 trigger point. The consolidation pattern above 1.5766 is already completed on the daily frame, so current focus is set at 1.5352. Resistance comes at 1.5798 and crucial is 1.5884.