FXstreet.com (Barcelona) - The Pound has finally broken the 1.6355 resistance against the Greenback after rising around 110 pips in the European session from 1.6270 to break 55 hours moving average at 1.6300 to reach 1.6380 as highest level since December 17.
Cable is on recovery path from last Friday low at 1.6210 with the pair rising 0.60% so far today from opening price action at 1.6262 to the current 1.6360.
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. Says Stoyan Mihaylov, chief technical analysis at DeltaStock, and concludes: Although we saw a spike low to 1.6213, the support area around 1.6240 is still intact and the bias remains positive for 1.6410 reversal area. Crucial on the downside is 1.6270.