FXstreet.com (Barcelona) - The Sterling has declined against the Dollar, according to Cornelius Luca, economist at Global Forex Trading, weighed by a combination of negative readings: Sterling/dollar collapsed to a near three-month low as the combination of high UK inflation and economic weakness is toxic. My system remains short, and the short-term outlook is slightly bearish.
Next support and resistance levels, according to Luca, stand as follows: Immediate support is at 1.9420. Below 1.9363, support remains at 1.9273. Distant support looms at 1.9220 and 1.9185. Initial resistance now comes at 1.9515. The next levels are 1.9580 and 1.9635. Above 1.9690, there is distant resistance at 1.9840.