Technical Analysis: Sterling Recovers Its Losses

Upward momentum may continue 

The Sterling softness against the euro pushed the price above 0.89, a level not seen since March this year. Although, it is important to mention that traders have been quick in shaving the profits (the current price is now 0.8871). During the month of May and late June, the price has pretty much consolidated and now we have a breakout which doesnt seem to have momentum behind it. But on the positive side, moving averages, 100 & 200-day SMAs are supporting the bull case.