Pound Facing Negative Pressure

The British pound retreated significantly against the US dollar within the expected negative outlook, touching the official target mentioned in the previous analysis at 1.3665, to record its lowest level at 1.3670.

On the technical side, today, with the pair’s success in confirming the breach of the support level of 1.3740, which has now been converted into a resistance level, in addition to the continuation of the negative pressure coming from the simple moving averages.

Therefore, the movement inside the descending price channel, we will maintain our negative outlook targeting 1.3655, and then 1.3610, awaiting station that may extend its negative targets later towards 1.3575.

Only from the top is the return of trading stability above 1.3740 to delay the bullish chances, but not cancel it, and we may witness temporary upside attempts targeting 1.3820 before retreating again.

S1: 1.3655	R1: 1.3740
S2: 1.3610	R2: 1.3785
S3: 1.3575	R3: 1.3820