Sterling Slips at Major Resistance Hurdle
Sterling poised to mark an outside-day reversal off confluent resistance at 1.2600/25- a region defined by the 78.6% retracement of the May sell-off and the yearly high-day close.
Initial support 1.2419 backed by 1.2370 (key)
A topside breach would expose a run towards the next major Fibonacci hurdle at 1.2757.
US Inflation on tap tomorrow followed by the FOMC rate decision- watch the weekly close.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
Initial support 1.2419 backed by 1.2370 (key)
A topside breach would expose a run towards the next major Fibonacci hurdle at 1.2757.
US Inflation on tap tomorrow followed by the FOMC rate decision- watch the weekly close.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
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