FOREX UPDATE

FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."