FXstreet.com (Barcelona) - The Pound has bounced at 1,4715 on its decline from yesterday's high at 1.4695 and, buoyed by better then expected CBI retail sales, Sterling has broken resistance level at 1.4575 to trade at levels around 1.4600 at the time of writing, 0.20% below its opening price.
On a longer perspective, Mohammed Isah, technical analyst at FXTechstrategy sees the Pound weak while it remains below its broken rising channel: GBP continues to trade below its broken rising channel and while that continues to occur, we see risk for further downside weakness. In such a case, its April 22'09 low at 1.4396 will be targeted ahead of the 1.4305 level, its Mar 06'09 high before the 1.4111 level, its Mar 30'09 high. Its daily RSI is now pointing lower suggesting further downside weakness.
On the upside the Pound might find resistance at the 1.4615/30 area, and above here at 1.4660 and 1.4695 (Apr 28 high). On the downside, support levels stand at 1.4575, 1.4515 and 1.4480.
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