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Negative trading continues to dominate the movements of GBP/USD within the expected bearish context during the previous analysis, touching the lowest price of 1.3385.
On the technical side today, by looking at the 4-hour chart, the stochastic continues to lose the bullish momentum gradually, in addition to continuing to move below the 50-day moving average, which converges around 1.3500/1.3480 and adds more strength to it.
Therefore, we expect the decline to continue below the 1.3400 support point, facilitating the task required to visit low around 1.3300.
The above suggested bearish scenario depends on the stability of daily trading below the 1.3440 resistance level. Its breach leads the pair to move within a temporary bullish path that aims to retest 1.3480.
| S1: 1.3370 | R1: 1.3440 |
| S2: 1.3345 | R2: 1.3510 |
| S3: 1.3300 | R3: 1.3570 |
