The Pound is seeing levels not seen since 2009. It has hit 1.70 against the dollar with the 2009 high being at 1.7040 so that absolute high is not far away.
Unsurprisingly we are seeing the pound retreat slightly from 1.70 this morning and we could see some more consolidation over the coming days to work off any short term over-bought condition. However, I will be looking for any subsequent re-test to see if cable can make a run for that high at 1.7040.
The monthly chart as shown, gives clear air above these resistance areas so it will be interesting to see if ultimately the pound wants to make a run for 1.80 but at this stage, that’s probably getting a bit far ahead of ourselves.
In the short term, I will be looking for consolidation and then a re-test of the highs and only if we see a solid close above the 2009 highs will I then be able to look more closely at the potential upside from there.
Charlie Burton
EzeeTrader
Be the first to comment on "Pound seeing levels not seen since 2009"