Pound Run Into Psychological Barrier

The British Pound touched the target to be achieved in the previous report, located at 1.3300, to hit its highest level at 1.3310.

Technically, the pair collided with the psychological resistance level represented by our target 1.3300 but couldn’t consolidate above it. The current movements are witnessing a bearish bias due to the negative pressure of the 50-day moving average, which is accompanied by the stability of the RSI below the mid-line.

From here, we may witness a slight bearish bias during the coming hours, with the aim of retesting the previously breached resistance-into- pivotal support 1.3170 / 1.3160 ​​before attempting to rise again. From the top, surpassing the resistance level 1.3285 will stop attempts to re-test and restore the pair to the upside path with an initial target of 1.3345, and gains may extend later towards 1.3375.

Note: the mild bearish bias does not contradict the upside.

S1: 1.3200	R1: 1.3285
S2: 1.3160	R2: 1.3345
S3: 1.3110	R3: 1.3375