Fri, Mar 7 2008, 08:23 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) – Sterling rallied yesterday against the Dollar and in the words of Cornelius Luca, economist at Global Forex Trading, broke its medium-term top: “Sterling/dollar broke above the top of its medium-term trading range on its way to the highest level of the year. The strength was confirmed only by the break above 2.0000. A bullish flag was triggered and this targets the 2.0465 area.” Resistance and sipport levels, according to Luca, stand as follows: “Initial resistance comes at 2.0100. A break above this level would signal another further rally to 2.0185. This is followed by 2.0260. Immediate support is seen at 2.000. The next level is 1.9965. Below 1.9910, the next level follows at 1.9835.”