FXstreet.com (Barcelona) - The Pound eased somewhat, to drop to support level at 1.4920 after having hit intra-day high at 1.4980. The pound seems to be moving between these two levels with no clear direction on early European session.
Tim Salem, collaborator at FXstreet.com points out to 1.4920 as a key level: Bullish Momentum carries Price towards the IntraDay High @ 1.4984, where slight Rejections sees Dynamic Support Confluence @ the 1.4926/1.4920 with the Hourly 20SMA. A Breach here sees the Daily Pivot at 1.4868 followed Dynamically by 1.4835 and the 1.4803 Handle-Area in the Near-Term.
In the near-term, Salem affirms that upside moving is favoured: In the Immediate-Term, Upside Bias is favored as Price looks toward the coveted 1.5000 Handle and onto 1.5014 Dynamic Resistance. Potential Option Barriers at the 1.5000 Figure keep the Area Well-Defended, so several Tests of Resistance are not questioned within this View.
For more information, read our latest forex news.