A tricky technical picture for the $uros to poundsr at present, and whilst the short term picture remains bearish, the support level now immediately below may well prove to be a key area as the currency pair pause following the steep falls of the last few weeks. Yesterday’s candle did little to clarify the picture, ending the day as a narrow spread down bar, with shadows to both top and bottom, the upper of which seemed to find some resistance from the 14 day moving average, and with the 40 day moving average now crossing above this is adding to the bearish tone. However, the support area outlined above in the 0.90 price region seems to be offering a platform from which the pair are now trying to rebuild a base, and should we see a break and hold above all three moving averages in due course, coupled with a move up and through the interim top at 0.935, then this would signal a continuation of the bullish trend, and a move on towards o.95 and beyond in due course.

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R1: 0.9042   S1: 0.8916

R2: 0.9115    S2: 0.8863

R3: 0.9168    S3: 0.8790