British Pound Continues to Decline 28/2022

Negative trades continue to dominate the movements of the British pound against the US dollar, touching the second official target of the bearish technical formation, the double top 1.3400, and heading to the target of 1.3370, recording its lowest price of 1.3360.

On the technical side today, trading stability below the resistance level of 1.3460 accompanied by the negative pressure coming from the simple moving averages supports the continuation of the downside idea.

Therefore, 1.3350 is the first awaited target. The decline below 1.3350 constitutes a strong negative pressure factor and opens the way for the pair to visit 1.3300 as a next price target, as long as the intraday stability is below 1.3460.

Note: Stochastic is trading around oversold areas.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.3350	R1: 1.3460
S2: 1.3300	R2: 1.3520
S3: 1.3245	R3: 1.3570