GBP: Downside momentum was fading - BBH

According to the analysts at BBH, Sterling has risen in two of the past 11 sessions, and they were both on Fridays as even before Friday's recovery, sterling's downside momentum was fading near $1.2140.  

Key Quotes

“The upside is not inspiring.  It spent the last two sessions unable to move above $1.22.  That has been done previously in this cycle.   The RSI and MACDs show no compelling reason to pick a bottom, while the Slow Stochastics appears to be bottoming at over-extended levels.  A close above the five-day, which has not happened since February 23 might be a preliminary sign that a correction has begun.  It is finished last week a little above $1.2185.  Even then, the $1.23 area may provide a formidable ceiling.  Sterling bears have had little of the pain that is often necessary to spur position adjustments.”