The British Pound Continues Its Gradual Decline

The Pound Sterling against the US Dollar witnessed a gradual decline, approaching a few points from the target to be achieved during the last trading session 1.3600, recording its lowest level at 1.3610.

Technically, we are inclined towards negativity, but with caution, relying on stochastic reaching overbought areas in conjunction with the negative pressure of the 50-day moving average, which continues to pressure prices from above.

Therefore, with the price stability below the pivotal resistance level 1.3720/1.3700, the bearish scenario remains valid and effective, targeting 1.3600/1.3610, considering that breaking the latter puts the price under negative pressure, targeting 1.3565.

Rising again above 1.3720 will immediately stop the bearish scenario suggested above, and the pound will recover to retest 1.3790.

Note: BoE decision is due today and may cause volatility.

S1: 1.3610	R1: 1.3700
S2: 1.3565	R2: 1.3745
S3: 1.3520	R3: 1.3790