British Pound Rolling Over

Short term direction remains unclear, especially given the rally through 1.9826. Daily studies remain bearish though as RSI is below 50 and price is below both the 10 and 20 day SMAs. The 10 day has served as resistance today at 1.9863.

A candle similar to that of the EURUSD is visible on the 240 minute chart (long upper wick). Coming under 1.9746 gives scope to a test of the 1.9545/89 area (former reaction low). Potential resistance lines are from 1.9930 to 2.0000.