The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- The pound may be hesitating against the dollar, following its failure at the 1.6614 level, but it retains its recovery tone set from 1.5779.
A clearance of the 1.6614 level will create an opportunity for additional strength toward the 2011 high of 1.6743, and then the psychological mark of 1.6900.
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On the downside, the risk to our analysis will be a return below 1.6472 , but the bigger risk will be a break and hold below the Aug. 11 low of 1.6110. This will create room for more weakness toward the 1.6006 level.
Further down, the big support stands at the July low of 1.5778.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.