Pound Gives up Gains And Returns to Negativity

The British Pound retreated significantly during the previous session’s trading within the expected bearish correctional tendency mentioned in the previous analysis, touching the required official station at 1.3875, to record its lowest level at 1.3800.

On the technical side, today, with the pound succeeding in breaking the support level at 1.3875, in addition to the negative pressure coming from the 50-day moving average, which meets around 1.3900 resistance and adds more strength to it. Therefore, we will hold onto our negative outlook, completing towards 1.3760, and then 1.3710/1.3700 for the next official stop.

From the top, trading above 1.3900 was able to derail the continuation of the decline and saw an open path for the British pound towards 1.4000.

S1: 1.3760	R1: 1.3900
S2: 1.3705	R2: 1.4000
S3: 1.3610	R3: 1.4055