FXstreet.com (Barcelona) - The Pound's recovery from 1.4440 low seems to have found a strong resistance level at 1.4595 as the Sterling has been unable to break above there despite having tried it a couple of times during European session.
In a longer point of view, we can see the Pound trading underneath a downward trending resistance line off 1.5065 high on April 16.
Mohammed Isah, technical analyst at FXTechstrategy adverts about the odds for further weakness on the Pound: With its declines triggered off the 1.5066 level, its April 16'09 high and a break below its rising channel still valid, attempts at further downside prices are expected towards the 1.4305 level, its Mar 06'09 high and then the 1.4111 level, its Mar 30'09 high. Its daily stochastics remains supportive of this view as it is pointing lower suggesting additional weakness.
On the upside, Isah points out to 1.5066 level as key for resumption of the pair's recovery: On the upside, resistance levels are seen at the 1.4662 level, its Feb 23'09 high and its Jan 16'09/Feb 09'09 highs at 1.4981/86 with a cut through there bringing further price acceleration towards the 1.5066 level, its April 16'09 high. Beyond the latter will clear the way for the resumption of the pair's recovery off the 1.3655 level, its Mar 11'09 high.
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