FXstreet.com (Barcelona) - The Sterling's declines against the Dollar from 1-month high at 1.6490 in the European session has continued during the American session to break MA55 hourly chart level at 1.6360 and trade below 1.6350. Currently the pair is trading around 1.6345/55, 0.45% below today's opening price action at 1.6425.
Mohammed Isah, technical analyst at FXTechstrategy, affirms: GBP was seen attacking its strong resistance at 1.6431 where its channel resistance is located in early trading today. While that level is now vulnerable, a convincing break of there must be seen to put another key resistance standing at its Sept 23'09 high at 1.6463 under pressure. We envisage a price stall at this zone but if that fails to occur recovery higher targeting even the 1.6740 level, its Sept 11'09 high may be seen.