The 1.33 level above is massive resistance, and I think if we can break above that level we will continue to go higher, perhaps reaching towards 1.3350 level above, where we had seen a significant amount of selling pressure. I think that we have gotten far too ahead of ourselves, and it’s likely that we will turn around to go looking towards the 1.32 region. I think that the market is offering a nice short-term selling opportunity, followed by perhaps more buying pressure but that remains to be seen. Right now though, it’s clear to see that we are overextended, and that should be taken advantage of as we see so much in the way of resistance at higher levels.

The British pound is plagued by concern about the Brexit, and the political ramifications between Teresa May and the Conservatives going back and forth. I think that the market is probably going to favor the downside in the short term, but eventually value hunters will return. I look at the 1.33 level as a significant resistance barrier that’s going to take a lot of work to break above, and I would also think of the 1.3350 level is the top of the entire resistance “zone” above. Overall, this is a market that continues to see a lot of noise and headline distractions, but I think it remains more or less range bound between 1.33 and 1.31.

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