Pound trying to recover
Tatiana Norkina, FBS analyst
The bulls are trying to regain the lost ground on the pound at least for a bit at the Asian session today. Let us remind you that the previous week was pretty hard - the pair has lost almost five figures away from the highs in the 58th figure area.
Trading is now carried out in the negative area, against the total pressure of a bearish cloud and a very strong dead cross. However, the currency pair rate got into the Tenkan-Kijun channel, consolidating where will allow the bulls to return the prices at least into the 55th figure area. This corrective recovery is absolutely essential for the market since it is heavily oversold now.
Technical levels: support – 1.5390; resistance – 1.5430.
Trade recommendations: out of market.