Pound Losing Momentum

The British pound reversed the temporary bullish trend after 1.3700 resistance levels managed to limit the bullish bias to return to the main bearish trend after it succeeded in breaking the support level mentioned in the previous analysis at 1.3610, heading for the first targeted profit-taking area last Friday, 1.3575 recording the lowest 1.3560.

On the technical side, trading below the previously broken support, which is now converted into resistance at 1.3620, accompanied by the gradual loss of the bullish momentum of stochastic.

From here, the bearish bias is likely today, targeting 1.3515 the first target, then 1.3470. The suggested bearish scenario requires stability below 1.3615.

S1: 1.3515	R1: 1.3655
S2: 1.3470	R2: 1.3745
S3: 1.3380	R3: 1.3795