As shown on the daily chart, the sterling fell sharply yesterday below 1.5610 area, but the support at 100-day MA around 1.5460 area is still able to withstand the downward pressure on prices. MACD is neutral on the daily chart indicating consolidation phase in the short term to survive in the area range around 1.5410 area - 1.5610, while the RSI and stochastic indicates an oversold condition, which indicates a bullish bias in the short-term re-testing 1.5610 area. Next resistance is around 1.5710, while next support there is in the area of 1.5245
0 Response to "Sharp correction, Sterling Enter Area Consolidation"
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