Pound gets pounded

The pound (GBP/USD) has lost important positions and is trading at $ 1.68 on Thursday.

The bullish movements since 1.58 dollars have taken place within a medium-term bullish channel and today the pound has abandoned that area. It is not vulnerable and may extend losses toward $1.67-$1.66, which is near the 200-day moving average. The, we can't rule out further declines toward lower front values.

In case of possible bullish rallies, we see that the pound offers resistance at 1.705-1.71, with 1.72 being the main resistance in the short term.

Only with a direct break above 1.72 will the pound enable more bullish rallies towards more ambitious areas around $1.74-1.745 as it looks to find balance at the upper zone of the channel. 

 

 

 

For our Spanish-language traders:
 

¿Mas bajas para la libra?

La libra esterlina (GBP/USD) ha perdido importantes posiciones en las últimas ruedas ubicándose en la actualidad en los 1.688 dólares.

El avance hasta los valores actuales ha tenido lugar dentro de un canal alcista de mediano plazo y la divisa actualmente la divisa ha abandonado el canal  quedando vulnerable a ampliar las perdidas hacia los 1.67 dólares primero y 1.66 dólares luego, junto a la media de 200 días, sin descartar nuevas bajas hacia valores mas deprimíos para adelante.

Ante posibles subas, vemos que el mercado encuentra resistencia en lo 1.69 o potencialmente los 1.71 dólares, siendo los 1.72 el escollo clave de corto plazo.

Recién con el quiebre de tales escollos podremos sugerir alzas mayores  hacia valores más ambiciosos para adelante en torno a los 1.74-1.745 dólares, buscando colocarse en la parte alta del canal. 

 
About the Author
Julian Yosovitch
Julian Yosovitch is a trader, and columnist for Ambito Fiinanciero (Argentina), Gestion (Peru), Saladeinversion.com, Inversion and Finanzas (Spain).
He holds a Bachelor of Business Administration and a Professor Master in Finance (UDESA). He is also a Capital Markets Specialist (UBA-IAMC) and Financial Markets Analyst - Ruarte´s Reports Trader. Follow his blogs here, and folow him on Twitter @julianyosovitch.
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