The British Pound Resumes Its Decline Against The Dollar

The British pound managed to touch the first target that is required to be achieved during the previous trading session, which is located at 1.3840, recording 1.3843.

Technically, we find the pair is still facing negative pressure as a result of trading stability below 1.3880, accompanied by the negative pressure of the simple moving averages that support the bearish curve of prices, in addition to the negative signals coming from the relative strength index.

Therefore, we target 1.3800 as a first target, taking into consideration that the confirmation of its break will extend the pair’s losses, so we will be waiting for 1.3760. Skipping up and rising again above 1.3880 is leading the pair to an ascending path that was targeted by a retest of 1.3930 before attempts to descend again.

S1: 1.3840	R1: 1.3930
S2: 1.3800	R2: 1.3980
S3: 1.3750	R3: 1.4020