Pound Gains on Dollar Likely Short-lived: Technical Analysis

Any rallies in the British pound against the U.S. dollar this week will probably be erased, according to Barclays Plc, citing technical research.

“A bearish weekly engulfing candle implies any gains this week are likely to be temporary,” strategists including Jordan Kotick in New York and Philip Roberts in London at the bank’s Barclays Capital unit wrote in a research note today. The British currency could rise as high as $1.6010 this week before retrenching, the strategists wrote.