The trend line drawn from Dec 2016 high and Feb 2017 high is seen offering resistance around 1.2646 levels.
The RSI is rising and is well short of the overbought territory. Interestingly, the RSI was last overbought in June 2015. For 2-years the area between 60-70 levels on the RSI has been acting as a reversal point for the price chart.
PM May is set to trigger Article 50. It will be interesting to see the reaction in the Pound. Only a daily close above 1.2646 would open doors for 1.28 and 1.30.
Bearish scenario – Failure take out 1.2646 followed by a break below 1.2469 (Mar 24 low) would signal a top has been made and the pair could then drop to 1.22-1.2080 levels.
The RSI is rising and is well short of the overbought territory. Interestingly, the RSI was last overbought in June 2015. For 2-years the area between 60-70 levels on the RSI has been acting as a reversal point for the price chart.
PM May is set to trigger Article 50. It will be interesting to see the reaction in the Pound. Only a daily close above 1.2646 would open doors for 1.28 and 1.30.
Bearish scenario – Failure take out 1.2646 followed by a break below 1.2469 (Mar 24 low) would signal a top has been made and the pair could then drop to 1.22-1.2080 levels.
