The Pound Losing Momentum Gradually

Positive trades dominated the movements of the pound sterling against the US dollar during the last trading session. As a reminder, we have been completely neutral during the previous analysis, stating that the level of risk is not commensurate with the expected return.

On the technical side, and with a closer look at the 240-minute chart, we find the negative signs dominating the stochastic, and it began to gradually lose the bullish momentum, which comes in conjunction with the price stabilizing below the 1.3380 resistance level and generally below the pivotal resistance 1.3400.

Therefore, we may witness a bearish slope during the coming hours, targeting 1.3310, and should pay close attention in case the aforementioned target is touched, because breaking it represents a negative pressure factor that forces the pair to continue declining towards 1.3210.

From the top, crossing to the upside and rising again above 1.3400 will immediately stop the expected bearish scenario and lead the pair to an upside path, whose initial targets start around 1.3510 and extend to 1.3550.

Note: The level of Risk may be High.

S1: 1.3210	R1: 1.3445
S2: 1.3110	R2: 1.3555
S3: 1.2990	R3: 1.3670