FXstreet.com (Barcelona) - The Pound has turned downwards after yesterday's top at 1.4230, falling to a day low at 1.3960 today. The upside move from Mar 12 low at 1.3700 seems to have topped at yesterday's high.
On the daily chart, according to Mohammed Isah, technical strategist at FXTechstrategy, The Pound was rejected yesterday from the downward trending resistance line off Feb 9 high at 1.4986: An attempt to break and close above its ST falling channel failed Monday after giving back most of its intra day gains to close marginally higher printing a rejection candle.
On the downside Isah advances lows below 1.3600: We maintain our call for lower level prices while the pair is trapped in the said falling channel. In that case, downside weakness should target its Mar 11'09 low at 1.3655 at first and then its YTD low at 1.3504 level with a clearance of there activating its longer term downtrend towards the 1.2856 level, its Sept'85 low.