GU Analysis:
The dollar continue to decline against the euro, as signs the global economic recovery spurring investors to sell the greenback and buy higher-yielding. The Euro went to as high as 1.47.
The pound however was not moved despite the move in Euro. Instead by this morning trade it has fallen back below 1.64.
Unfortunately, there will be no major UK news that will spur the pound back. The halt will mostly be technical at support at 1.63.
If the WMA5 of the daily chart fall below EMA21, hopefully the decline is stop when WMA5 rebound off EMA100. The price action will then be supported at 1.62. But this is most likely unlikely to happen today.
The immediate support for today is at 1.6305. If pound rebound, resistance is at 1.643, then 1.652.
Trend: Down, with the Euro in a most likely state to consolidate downward, the pound will have to give in.
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