Selling Pressure Continues For The Pound

Negative trading dominated the pound against the US dollar as we expected, touching the target to be achieved during the previous analysis at 1.2900, posting a low of 1.2886.

Technically, by looking at the 4-hour chart, we see that the SMA 50 supports the bearish daily curve, with the stochastic losing its bullish momentum.

From here, and with consolidating below 1.2960, the bearish bias will likely be targeting 1.2840 as a first target, bearing in mind that confirming the breach of the aforementioned level increases and accelerates the strength of the bearish trend, to open the doors directly towards 1.2790.

From the upside, and with trading back above 1.2960, bullish opportunities will be postponed and we see a re-test of 1.3030. Caution: The level of risk may be high.

S1: 1.2840	R1: 1.2985
S2: 1.2790	R2: 1.3080
S3: 1.2695	R3: 1.3130