Sterling Couldn’t Break Through

Negative trading returned to dominate the movements of the pound sterling against the US dollar, as the pair hit the resistance level of 1.3880, which forced it to trade negatively again.

Technically, today, we are inclined in our trading to the negative, relying on the negative pressure coming from the 50-day moving average, in addition to the continuation of the pair’s exchange price stability below the resistance level of 1.3880.

We are targeting 1.3800, a first expected target, and then 1.3765/1.3760, the next official station that extends towards 1.3720. To remind that activating short positions requires trading to remain below the mentioned resistance, and its breach will lead the pair to a bullish intraday track, targeting 1.3900.

S1: 1.3800	R1: 1.3860
S2: 1.3765	R2: 1.3900
S3: 1.3720	R3: 1.3930