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Pound Sterling Vs US Dollar Development Today
The British pound against the US dollar has extended its recovery above the 1.2200 resistance in Tokyo. The cable has reversed after dropping near 1.2167 as the impact of the risk-off impulse eased slightly. In addition, the Like-For-Like retail sales are optimistic about the BRC as it has supported the pound. Meanwhile, the DXY is trying to maintain the round number level around 105.00. The US 10-year Treasury yield has been feeling the pressure of selling after hitting a high of 3.59%.
On an hourly basis, Cable has seen selling pressure from market players after failing to keep the upward momentum intact. The Relative Strength Index (RSI) (14), has formed a higher high to a lower low on Monday. As the upward momentum is lost, it has finally forced investors to book long positions.
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Bear Cross, represented by 20 and 50-period EMA at 1.2230 adds to the downside filter. Meanwhile, RSI (14) is hovering and losing points around 40.00. Slippage to the Bearish range around 20.00-40.00 will trigger Bearish momentum. Going forward, a decline in Friday's low of 1.2134 will take Cable towards psychological resistance as it reaches 1.2000, followed by EMA around 1.1971.
On the other hand, a high of 1.2345 on Monday would push Cable towards a rise of around 1.2400 on June 16 and a breach of the latter would send the pair towards a low of around 1.2460 on June 1. That is the information we share regarding the development of the Pound Sterling. Keep updating information related to investment and other forex trading through the GIC journal every day. Of course, you can also trade through the GICtrade application with the new ECN account feature, enjoy your trading with the lowest spread price starting from 0 Rupiah! You also have the opportunity to get a chance to win billions of Rupiah without being drawn through the GIC Gebyar Hadiah.
