Intraday Resistance Shattered By British Pound
by Richard Lee
Sterling cable broke through key intraday resistance, sending the GBPUSD currency pair higher above the 1.6475 rate. Although there is potential upside for a retest of the 1.6621 June 11th spike high, the current candle formation ( a formative shooting star) suggests a move lower to the 1.6475 barrier before any further upside gains can be made. Moves lower would make the 1.6400 handle a feasible short term target before the close of the session. Currently the pair is trading at 1.6500.
Tags: British Pound, Technical Analysis
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.
