The Pound is Trying to Rise

The Pound witnessed limited attempts to rise against its American counterpart, benefiting from stability above the 1.3350 support level within a slight bullish bias that aimed to retest the psychological barrier 1.3400.

Technically, the signs of negativity that started to appear on the stochastic indicator favor the bearish trend. This coincides with the negative pressure from the 50-day simple moving average.

Therefore, the bearish scenario will remain valid and effective, targeting 1.3370, knowing that breaking it is a signal to continue the decline towards the targeted initial official station during today’s trading session 1.3300.

The pair’s breach of the resistance level 1.3460 postpones the chances of a decline but does not cancel it, and we may witness a temporary bullish bias that aims to retest 1.3480 before retracing.

S1: 1.3370	R1: 1.3450
S2: 1.3320	R2: 1.3480
S3: 1.3285	R3: 1.3525