The Sterling is Witnessing a Gradual Rise

Positive trades dominated the movements of the pound sterling against its American counterpart, nullifying the expected negative outlook, touching the stop-loss order around 1.3470. Rising above the 1.3470 level contributes to strengthening the pound’s rise to retest 1.3500, recording the highest level at 1.3511, Compensating part of the losses of the short position.

On the technical side, we tend to be positive but cautiously, relying on the stability of the intraday trading above the previously breached resistance level 1.3465, in addition to the price moving above the 50-day moving average.

Therefore, breaching 1.3510 facilitates the task required to visit 1.3545, considering that the recent breach can consolidate the pound’s gains against the dollar, reaching 1.3570.

The stability below the support level 1.3465 renews the chances of negative pressure on the pair, and it returns to the official descending path, with an initial target of 1.3400/1.3410.

S1: 1.3465	R1: 1.3510
S2: 1.3410	R2: 1.3545
S3: 1.3365	R3: 1.3570