The pound continues strongly with bulls in control, key resistance sits at ?1.2447. Indicators currently suggest more upside.

The pound is currently trading at around £1.2347 against the dollar. The value of the pound has held up for some time now and the bulls remain in control, tough resistance sits above at $1.2447 (highlighted by the red oval). A break above this resistance level may see the pound rise higher towards the £1.25-£1.26 price range, which was last seen in May last year. It’s quite impressive the run sterling has had after Sunak’s predecessor, Liz Truss, crushed its value with the implementation of her ’mini-budget’. Support below sits at £1.2253 then at £1.2168 then at £1.2085. A break below £1.2085 could see the pound fall towards the next major support level resting at £1.1841. Looking at the technical indicators, at present, MACD is positive and so is RSI as it reads 65.