The British Pound Maintains Bearish Trend

The technical outlook is unchanged, and the movements of the pound sterling against the US dollar did not change significantly, maintaining the negative stability for the second consecutive session.

On the technical side today, and by looking at the 4-hour chart, we notice the stability of trading below the previously broken support-into-resistance, which turned into a resistance level according to the concept of trading roles at 1.3680, and we also find the 50-day moving average that still constitutes an obstacle that prevents the pair from rising.

This encourages us to maintain our negative outlook, knowing that trading below 1.3640 facilitates the task required to visit 1.3575 and then 1.3510, the next stop.

Only from the top, the return of stability and price stability again above 1.3680 is able to thwart the bearish scenario completely, and the pair recovers with the aim of retesting 1.3740 initially.

Note: The Federal Reserve’s statement and the Fed’s press conference and we may see price volatility.

S1: 1.3625	R1: 1.3685
S2: 1.3575	R2: 1.3720
S3: 1.3510	R3: 1.3760