The Sterling is falling strongly against Dollar in the early European morning and the pair has fallen around 200 pips in the last two hours from 1.6330 to trade close to 1.6130 and to post 3-week low at 1.6135. Currently the pair is falling 1.15% so far today from opening price to the current 1.6140/50
Tim Salem, comments: "Bearish Hourly Sentiment with Price finds a slight Reversal of the 20SMA/200SMA Hourly Bearish Cross with the 20SMA providing Dynamic Resistance Confluence at the 1.6353 Daily Pivot Area. Also in a “tight” Range, Price is caught between the 1.6275 Daily Static Support, and the 1.6353 Daily Pivot. RSI Readings and Slope of “47” also see Neutrality as of Writing-Time, although Appreciation through the 1.6401 and the 1.6431 Resistance Confluence with the 200SMA may see some subtle Bullish Sentiment if the Areas can Hold. Support levels: 1.6305 1.6275 1.6246 1.6204. Resistance levels: 1.6353 1.6401 1.6431 1.6479."
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