Pound Closing Below $1.6368 Support Would Be Bearish, RBC Says

By Daniel Tilles

July 29 (Bloomberg) -- A pound close below $1.6368 may signal more declines for the U.K. currency, according to RBC Capital Markets.

The “pound sits right above major support at $1.6368,” Sue Trinh, a senior currency strategist at RBC in Sydney, wrote today in a report. “Pound-dollar has been able to hold above this 40-day moving average for the better part of two weeks, and a break would be bearish.”

Sterling dropped 0.3 percent to $1.6373 as of 8:13 a.m. in London, after falling to as low as $1.6354.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net