The Pound Settled Below Resistance

The current moves in the British pound are witnessing a slight bullish tendency, after finding a strong support level near the psychological barrier of 1.4000, which is close to re-testing the 1.4080 resistance level.

On the technical side, today, we tend to trade negatively, relying on the continuation of the negative features of the stochastic indicator on the 240-chart, in addition to the stability of the intraday trading below 1.4080.

Consequently, the bearish scenario will remain valid and effective, targeting 1.4020 as a first and then 1.3975. Trading above 1.4120, and most importantly, 1.4140, will negate the retracement attempts and lead the pair to a bullish path, targeting a re-test of 1.4180.

S1: 1.4020	R1: 1.4100
S2: 1.3975	R2: 1.4140
S3: 1.3945	R3: 1.4180