Cable Facing Negative Pressure

Mixed trades dominated the movements of the pound sterling against the US dollar, cancelling the negative outlook and touching the stop-loss order published in the previous analysis at 1.3410, recording its highest level at 1.3480.

On the technical side, and despite the bullish tendency, we tend to be negative. We find the pair failed to stabilize for a long time above 1.3400, and with a closer look on the chart, we find stochastic gradually losing the bullish momentum supported by the negativity of the RSI.

Thus, the bearish scenario will remain valid and effective targeting 1.3300. It should also be noted that the breach of the aforementioned level forces the pair to enter a strong descending wave, the first official target of which is 1.3220. From the top, a rise above 1.3460 may delay the chances of a reversal and see a re-test of 1.3500 / 1.3510.

Note: The level of risk may be high today.

S1: 1.3300	R1: 1.3455
S2: 1.3230	R2: 1.3540
S3: 1.3145	R3: 1.3610