British Pound Trying to Revisit Broken Support

The British Pound was painting a clear negative picture against the US dollar, flirting with the target levels for the current range at 1.2890, reaching its lowest level during the previous trading session at 1.2885.

Technically, the pair’s moves are witnessing an attempt to re-test the previously broken support level towards the psychological barrier of 1.3000, and by taking a look at the 240-minute chart, Stochastic is drawing signs of a negative crossover.

We maintain our forecast towards 1.2950 as a first target, followed by 1.2910. Note that the recent breakout pushes the British Pound into a strong bearish wave with the initial targets at 1.2830.

Only above 1.3020, the possibility of a bullish slope targeting 1.3050 increases and the gains might extend towards 1.3090.

S1: 1.2910	R1: 1.3050
S2: 1.2830	R2: 1.3110
S3: 1.2770	R3: 1.3185