The pound may fall further today according to the technical
analysis of its price chart, said Kengo Suzuki, currency strategist at
Shinko Securities Co. in Tokyo. Sterling is poised to decline as it has
failed to break above a cloud on a daily ichimoku chart, Suzuki said.
The chart analyzes the midpoints of historic highs and lows and a cloud
indicates a resistance zone where sell orders may be clustered. First
support at $1.9665 is the base line on the ichimoku chart. Should the
pound break through this level, it may fall to second support near its
May 14 low of $1.9364, Suzuki said. Support is where buy orders may be
clustered.