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Home » Online Forex Trading Blog » Forex Technical: British Pound Set For Bounce

Forex Technical: British Pound Set For Bounce

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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).

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About the Author -

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.

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