FXstreet.com (Barcelona) - Resistance level at 1.4135 has proved too strong for the pound and the second attempt to break it has failed and the pair has turned around towards 1.3990 support level.

The Pound's recovery from 1.3990 has been short lived and after the sesond attempt to break 1.4135 has brought about a new rejection and the pait drops back towards 1.3990,

The pair seems rather neutra on the hourly basis, although, according to Hugh Gordon, economist at Forex Yard the Pound could try to break higher: The typical range trading on the daily chart continues. Both the daily RSI and Slow Stochastic are floating in neutral territory. However, the pair currently sits near the bottom border of the 4-hour chart's Bollinger Bands, suggesting an upward correction may be imminent. When the upwards breach occurs, going long with tight stops appears to be the preferable strategy.