FXstreet.com (Barcelona) - The Pound continues losing ground against the Dollar and at early European session the Stterling is testing 1.4515 support level, Apr 27 low.
In case of further decline, below 1.4515, next support level could lie at 1.4440 (Apr 23 low) and 1.4395 (Apr 22 low), below here, next support could be 1.4350. On the Upside, the Pound could find resistance at 1.4550, and above here, 1.4615/30, and 1.4650.
According to Tim Salem, collaborator at FXstreet.com, the Pound will continue bearish while it remains below 1.4610: Bearish Sentiment takes Price towards Daily Static Resistance at 1.4527 with further Downside Risk to 1.4501 and 1.4479 in the Near-Term as a potential Hourly 200SMA/20SMA Bearish Cross confirms Bias along with RSI Readings in the Oversold Range if the Cross occurs. Neutral Bias only to take shape if the Daily Pivot Confluence with the 20SMA at 1.4610 can be maintained.
In case of a bounce above 1.4610, Salem forecasts: Appreciation from this Area sees Dynamic Resistance at 1.4658 Confluence with the Hourly 200SMA which finds Static Daily Resistance at 1.4706, although this is not favored until the Near to Mid-Term, as Risk Aversion continues to work through the Climate.
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