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Technically Speaking on the Pound

Posted by WorldWideMarkets . on Aug 13, 2013 3:42:00 AM
Cable came off Monday after breaking the 200-day simple moving average intraday last Thursday and Friday and is struggling again Tuesday. Perhaps the Monday decline was just follow through from those gains on Thursday and Friday after the BOE gave its new forward guidance. But the UK economy is recovering quite well, all things being relative, and expect more upside to the pound unless dollar strength is overwhelming. The one caveat is that the British unit almost desperately needs to close above that 200-day SMA, currently 1.5530, to confirm the market signal. Sterling was overbought briefly in trading last Thursday with a relative strength index print of 71.411 but turned neutral again on the Friday.  pound trading

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