FXstreet.com (Barcelona) - Pound recovery attempt from 1.5580 has been capped below 1.5655/65 resistance area, and the pair retreated again in Asia, breaching 1.5580 support, and, according to Carol Harmer, technical analyst at CharmerCharts, heading towards 1.5485/75 area.
Below 1.5580, the pair will extend losses towards 1.5485/75, says Harmer: "We lose 1.5580 and we are looking at the market coming quite a bit lower with 1.5485/75 then the targeted area. Here we cover shorts...Med term charts are beginning to go into extreme oversold territory, but the weekly charts are still firmly pointing lower and this will take precedence over the daily ones…"
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