The Sterling was unable to maintain trade above 1.30 yesterday, but, as expected, managed to find support around the 1.2950 mark. Even though the weekly S1 and the Bollinger band keep providing immediate support, risks are still skewed to the downside. A number of US fundamentals later today could provide the impetus for another leg down, however, a rally is also possible. Technical indicators somewhat support this outlook, as they are no longer giving bearish signals in the daily timeframe. The 1.3050 is likely to be the ceiling in case of a bullish development, while the nearest resistance rests only around 1.3160.
The Cable continued to trade within the borders of the descending channel pattern yesterday, while a retest of either trend-line is expected today (if not a breakout). With the overall trend being bearish and the recent confirmation of the channel's upper border, a retest of the support line would be more probable, Dukascopy experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
