Pound Tests Key Support Levels Amid Heavy Event Risk

The British Pound is currently testing support at its yearly open and February low-day close levels of 1.3465/74, according to FOREX.com's technical analysis.

This region also converges with the 25% parallel of the July pitchfork over the next few days, making it a crucial zone for Sterling's price action.

Michael Boutros, Senior Technical Strategist at FOREX.com, notes that a break or daily close below the 200-day moving average (currently ~1.3452) would threaten a test of broader uptrend support converging on the 50% retracement of the June advance at 1.3408.

A breach or close above the July high at 1.3558 is needed to suggest a more significant near-term low is in place and mark resumption of the uptrend.