Hi All, when I wrote my last post in May I drew a line at $1.64 as this seems to have been an area of resistance for the pound. I was amazed to see today when I went back to the chart how the price has moved right to this line, pulled back a little and then moved above. As long as we can keep up at this level now this could become what is called "Support" which we may then bounce off of to go higher. From 1.43 in March this has been a relatively big move up. As I am sure all of you know, has been helped along by interest rate cuts here.
The exchange price has dropped during the day on the 14th and 17th but the Bulls (Buyers) have won the day both days.
I wouldnt be surprised to see the price move higher with support at 1.62.
This is my opinion as a member of the site with an interest in Forex and technical analysis, rather then as a Financial Planner and my comments should not be taken as financial advice. Rather just a commentary of events.