Last week, the pound failed to close above the short term resistance at 1.2579/81 (maximum of February 9), the negative forecast of analysts remains.
The pound is still not closed below 55- and 100-day moving average, but analysts believe that it will happen this week. Elliott waves are positive, but the market is facing 1.2640 and 1.2660. Below 1.2347 (minimum of February), attention will focus on the recent minimum of 1.2110. It is considered the last defense of 1.1988 - bottom-January.
Key short-term resistance is at 1.2640. Only break above 1.2707 most of February will enable expect further strengthening to the maximum since December - 1.2777. Between this level and 1.2836 lie several Fibonacci corrections and greater resistance and analysts suspect that the bulls will not go further.
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