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The British Pound has made a bullish break against the greenback in the last 1 week period. This may be on the back of some speculative positioning ahead of the election being held in the UK this week.
From a technical perspective, the pair is still largely looking bearish after breaking a significant Monthly Trendline as indicated in the Monthly chart below.
The pair was seen retesting that monthly trendline once again last week, with a sharp rejection. The Daily chart below shows strong selling at the retest.
But what's important to know, is that the pair also broke a significant down trendline/ channel which dates back from the highs of July 2013.
As the pair continues it's decline, it will important to see how it reacts as it approaches the top of that channel, and the ever important 1.4983 Daily Support level, which has been a very significant level over the last several weeks.
From a technical perspective, the pair is still largely looking bearish after breaking a significant Monthly Trendline as indicated in the Monthly chart below.
The pair was seen retesting that monthly trendline once again last week, with a sharp rejection. The Daily chart below shows strong selling at the retest.
But what's important to know, is that the pair also broke a significant down trendline/ channel which dates back from the highs of July 2013.
As the pair continues it's decline, it will important to see how it reacts as it approaches the top of that channel, and the ever important 1.4983 Daily Support level, which has been a very significant level over the last several weeks.
