FXstreet.com (Barcelona) - The Pound has recovered some ground after its more than 200 pips slump and, after having hit 1.4400, its lowest level since April 1 the Pound trades more than 100 pips higher over intra-day level at 1.4520.
On its climbing, the Pound could find resistance around the 1.4560 area, and above here, 1.4585/1.4600. On the downside, next support level, once below 1.4520, would be 1.4475/65, and then today's low at 1.4400.
Valeria Bednarik Collaborator at FXstreet.com adverts about the corrective nature of the Pound's rise: Hitting extreme oversold conditions just under the 1.4400 level, the pair is correcting a bit to the upside, thus bigger time frames remain clearly bearish. Indicators are exhausted to the downside, suggesting an upside correction before further continuation in the pair. 20 SMA is turning to the downside in the hourly, suggesting continuation in the pair also.
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