Sterling Pound Facing Strong Resistance

Mixed trading is still dominating the pound’s moves against the US dollar, as the pair found a strong resistance level around the psychological barrier of 1.3700 within failed breach attempts over several consecutive sessions.

On the technical side, today, we tend to be negative, depending on the intraday trading remaining below the resistance level 1.3700, as we find that Stochastic started losing bullish momentum gradually.

Therefore, we may witness a decline in the coming hours, targeting 1.3625 / 1.3610 a first target that may extend later towards 1.3585 the next station.

Trading above 1.3700 will negate the bearish scenario, and we may witness a bullish intraday path aimed at re-testing the extended resistance 1.3730 / 1.3750.

Note: The level of risk may be high today.

S1: 1.3625	R1: 1.3730
S2: 1.3585	R2: 1.3800
S3: 1.3520	R3: 1.3840