During
Tuesday’'s trading the British pound lost strength against the US dollar, could
not meet the positive expectations and plummeted. The pair tested the support,
located at 1.2079 and bears didn't’t step lower.
Even
being still under pressure today the cable found enough power to recover and returned back to 1.22 mark.
However
the bulls attempt to push higher remains fragile amid the shaky market
conditions.
RSI
is staying within neutral area around 50% and is showing lack of strength.
Stochastic is indicating overbought market and is displaying bullish momentum.The pair finds immediate resistance located at 1.2332
(October 18 and 20 highs) and 1.2471 (October 7 high). Support is placed now at
1.2150 (key level) and 1.2079 (October 11 and 25 lows).
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