Dollar Forces Pound to Decline

Negative trading dominated the movements of the pound against the US dollar, as we expected, heading for the awaited official target of 1.3700.

On the technical side, the pound sterling’s current moves are witnessing stability below 1.3750, and the simple moving averages support the continuation of the bearish price curve.

Therefore, the bearish bias is likely today, provided that the 1.3690 breach is confirmed, and that increases and accelerates the strength of the bearish trend, so we will be waiting for 1.3660, and then 1.3610, respectively.

The bearish scenario requires intraday trading below 1.3750, and most importantly below 1.3770.

S1: 1.3690	R1: 1.3770
S2: 1.3660	R2: 1.3820
S3: 1.3620	R3: 1.3850