After upgrading two-year highs, our pair has turned and is headed down. At the moment we see that the dollar has begun to strengthen against the pound. After a fairly strong upward momentum our pair has found a strong resistance level around the 1.4350 mark and has turned around. This downward momentum is strong enough.
Because of that we can forecast a continuation of the downward movement. The pair is currently seeking to cross and fall below the MA (120) and after this we can speak about the formation of the downward trend. Also, there is a possible scenario when our pair can find the level of support around the moving average.
In any case, at the moment we see a downward movement and we advise you to hold short positions and search for the point of exit near the levels of 1.4150 and 1.4110.
