Pound Faces Resistance

The British Pound reversed the downtrend, as we expected in the previous analysis, reaching the stop loss order we mentioned, located at 1.3000, posting a high of 1.3024.

Technically, and looking at the chart, we find that the pair failed to stabilize for a long time above the pivotal resistance of 1.3000, as the current trades witnessed stability below the aforementioned level, with negative signs dominating the stochastic indicator, so we think that the chances of a decline are still there with the aim of retesting 1.2890 as a first target. The confirmation of the breach of 1.2890 confirms and accelerates the strength of the daily bearish trend, so we will be waiting for 1.2820.

Returning to trade below 1.3000 negates the bearish scenario completely, and the pair regains the bullish attempts that started yesterday to visit 1.3080 / 1.3075.

Warning: the risk level is high and the pair faces all scenarios

S1: 1.2890	R1: 1.3015
S2: 1.2830	R2: 1.3080
S3: 1.2765	R3: 1.3140