The British Pound is Losing Bullish Momentum

Over several consecutive sessions, the British pound failed to breach the pivotal resistance level at 1.3810, which we explained as the key to continuing further gains against the US dollar.

On the technical side today, and carefully looking at the 4-hour chart, we notice that the stochastic is gradually losing the bullish momentum, in addition to the pair moving below the 50-day moving average.

Therefore, the bearish bias is likely today, targeting 1.3610/1.3630, awaited next stations whose losses may extend later to visit 1.3575.

Rising above the aforementioned resistance level 1.3810 will immediately stop any attempts to descend, and the pair will recover, heading to visit 1.3900.

S1: 1.3630	R1: 1.3820
S2: 1.3575	R2: 1.3870
S3: 1.3480	R3: 1.3925