10:41, 10 June
Sterling, which closed the day at 1.4110 with 0.27% depreciation yesterday, followed a horizontal band movement in the Asian session. Despite a possible dollar movement ahead of the critical inflation data, market participants are abstaining. The possibility of a possible rate hike may increase the upward volatility in the Dollar index. In addition, President Biden, who attended the G-7 Conference, warned Prime Minister Boris Johnson that the Northern Ireland issue should be resolved, creating a selling pressure for Sterling.
- It could be traced above as the resistance level of 1.4170.
- It can be viewed as the support level of 1.4080, the lowest level of the last 3 weeks.
- Resistance: 1.4170 – 1.4255 – 1.4365
- Support: 1.4080 – 1.4005– 1.3970