The Sterling gapped lower on weekend reports that a Large UK lender Bradford and Bingley will issue a profit warning and its Chief executive will resign. Looking ahead for Halifax House Price Index (tentative) and Construction PMI.
tech view:
Pound is expected to be on downside for the day. good support is seen at 1.9550 and resistance seen at 1.9710 levels. trading range is expected between1.9560-1.9680 levels. stochastic indicates the bear note to continue for the day. currency is trending towards the lower band and momentum signals the downward movement to continue for the day.
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