Pound Attacks The Psychological Barrier

We remained neutral during the previous analysis due to the conflicting technical signals, explaining that the activation of long positions depends on confirming the breach of 1.3940, and this is a catalyst that enhances the chances of visiting 1.3980/1.4000, to record the highest level at 1.4003.

On the technical side, the 50 day moving average continues to provide a positive motive, but Stochastic has started to show negativity.

We believe that there is a possibility of a bearish bias during the coming hours, and that is confirmed by the breach of 1.3965, which facilitates the task required to re-test 1.3910 and may extend towards 1.3865.

Note: the bearish corrective tendency does not contradict the daily bullish trend, which its initial targets are around 1.4070 once 1.4025 is breached.

Note: The level of risk may be high.

S1: 1.3910	R1: 1.4025
S2: 1.3845	R2: 1.4070
S3: 1.3790	R3: 1.4135