The British Pound Settled Below Support

The pound sterling against the US dollar declined noticeably within the expected bearish context, approaching the first official target of 1.3585 to settle for recording the lowest price at 1.3605.

From the technical analysis point of view today, we are inclined in our trading to the negative, relying on the continuation of the negative pressure from the 50-day moving average, in addition to the stability of trading below 1.3680, and most importantly 1.3720.

Therefore, the bearish bias is likely today, knowing that breaking 1.3895 will extend the pair’s losses to target 1.3565 as a first target, then 1.3505.

Any trading above 1.3720 can thwart the expected bearish scenario and witnessing a recovery for the pair to retest 1.3820. Note: Stochastic is trading around oversold areas.

S1: 1.3565	R1: 1.3720
S2: 1.3505	R2: 1.3820
S3: 1.3410	R3: 1.3875