GBP/USD Hovers Around Support And Negativity Needs Confirmation

The British pound fell noticeably against the US dollar during the previous trading session, and it is still within the sideways context, between 1.4080 and 1.4180.

On the technical side today, we are inclined in our trading to the negativity, relying on the stability of trading below 1.4180, and most importantly 1.4200, which is accompanied by the negative pressure of the simple moving average.

We are targeting 1.4080, and we should pay close attention if the mentioned target is touched due to its importance for the general trend in the short term, and breaking it will increase and accelerate the strength of the bearish trend and force the pair to enter a strong descending wave with targets are located around 1.4045 and 1.4000 respectively.

Above 1.4200 will immediately stop any attempts to decline and the pair will recover with an initial target of 1.4275.

S1: 1.4080	R1: 1.4200
S2: 1.4045	R2: 1.4235
S3: 1.4000	R3: 1.4280