Sterling Retreats From 26 Year High

Forming a rising wedge off the 26-year high candle from 7/24, technical analysts have touted the pound as “top-heavy” and employ RSI readings to confirm bearish sentiment.

[B][U]Technical:[/U][/B] [B]GBP/USD[/B]
[B]Resistance: 2.0685
Support: 2.0420[/B]
Presently, Relative Strength Index levels express an overboughtGBPUSD environment and retracements to the 23.6% Fib level of 2.0420 are certainly attainable. Market participants have warned of stops clustered around the key resistance zone of 2.0685 and do not forecast cable to breach this level in the near future.

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