Forex Technical: British Pound Set For Bounce
by Richard Lee
Pound sterling looks set for a potential pop up in the early New York morning following the start of equities. Previously set on a downtrend, the pair is crunching 60-minute 1.6191-1.6104 support which is holding firm, with additional technical backing from a stochastic morning cross development. As a result, pound proponents are eyeing initial ST targets at the 1.6240 (22 period SMA) and 1.6300 (round figure) levels with further benchmarks set at 1.6420 (50 period SMA).
Tags: British Pound, Technicals
About the Author - Richard Lee
Richard C. Lee is the Chief Currency Strategist for OnlineForexTrading.com. Employing both fundamental and technical models, Richard has previously been featured on DailyFX.com, Bloomberg, FX Street.com, Yahoo Finance and Trading Markets.com. In analyzing the markets, he draws from an extensive experience trading fixed income and spot currency markets in addition to previous bouts in options, futures and equities.
