Sterling Continues to Achieve Bearish Targets

The British pound declined noticeably against the US dollar during the previous trading session, touching the official bearish target that must be achieved at 1.3165 to record the lowest 1.3160.

Technically, with the regular movement within the bearish price channel shown on the 4-hour chart and the continuation of the negative pressure coming from the 50-day moving average as a result of the short-term average crossing the long-term average.

Therefore, we maintain our negative outlook, knowing that the breach below the support level 1.3160 ​​increases the strength of the daily bearish trend towards the next target, 1.3110.

Stability of trading above 1.3260 and most importantly 1.3290 postpones the chances of a decline, but does not cancel them, and we may witness a retest of 1.3360 before retracing.

S1: 1.3160	R1: 1.3260
S2: 1.3110	R2: 1.3310
S3: 1.3060	R3: 1.3360