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We remained neutral during the previous analysis due to the conflicting technical signals, and the British pound started the first weekly trading within the general bearish context.
Technically, we find the pair stable below the previously broken support, which is now turned to a resistance level around 1.3570/1.3565. In addition, we notice the negative pressure coming from the 50-day moving average, which supports the negative features appearing on the stochastic indicator.
Therefore, we believe that there is a possibility of resuming the decline, knowing that trading below 1.3500 facilitates the task required to visit 1.3460, and then 1.3400.
The return of trading stability again above 1.3610/1.3600, which will immediately stop the bearish trend and lead the pair to enter a bullish correction, with its initial target around 1.3565 and extending towards 1.3720.
| S1: 1.3460 | R1: 1.3610 |
| S2: 1.3370 | R2: 1.3665 |
| S3: 1.3320 | R3: 1.3750 |
