FXstreet.com (Barcelona) - The Pound has lost on Monday all the ground gained on Friday. William Basa, technical analyst at Global Market Research, Inc, the sentiment is on the downside: Bearish. Friday's firm weekly settle turned out to be a bit of a head-fake as Sterling subsequently failed sharply off bearish weekly trend at 1.9615/30 Monday. The resulting close under the only near-term support at 1.9485 points lower.
Support and resistance levels, according to basa stand as follows: Supports for the week fall to 1.0275, then the Q2 level at 1.8975. Resistance his week is still 1.9615/20 trend and 1.9755/90 June sell zone. Still projecting a 1.9755 to 1.9275 weekly range. Strategy is to reset shorts at 1.9755/90.