The British pound initially fell during the week but turned around to continue the upward channel that we have been in. The fact that we are broken above
The British pound initially fell during the week but turned around to continue the upward channel that we have been in. The fact that we are broken above the 1.25 level is a good sign, but I believe there is more resistance above at the 1.2850 handle. I think that the market will reach towards there and then find sellers in order to continue to push the markets lower based upon the Federal Reserve interest-rate expectations and of course the exit vote that came out of Great Britain recently.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
