FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the pound remains weak on Tuesday despite experiencing a rebound from the daily low of 1.7048.
"The hourly chart shows price unable to overcome its 20 SMA as indicators hold around their midlines, keeping a quite neutral stance."
"In the 4 hours chart the technical outlook is mild bearish, with its 20 SMA also capping the upside and indicators turning south below their midlines."
"Critical support stands around 1.7030 past week low and 200 EMA in this last time frame. A break below it should fuel the bearish momentum eyeing then 1.6985 as next probable short term target."