Pound Presses Support 7/2/2022

The British pound achieved the official price target during the previous report, at 1.3620, recording its highest level at 1.3615.

On the technical side today, the pair’s current movements are witnessing a bearish tendency due to the intraday stability below the 1.3560 level, and we also find that the RSI started losing the bullish momentum gradually over the short time frames.

We may witness a bearish bias during today’s session, provided we confirm the breach of 1.3500 and the infiltration below the 50-day moving average, which meets around the mentioned level to visit 1.3460, 50.0% correction, respectively, knowing that the consolidation again above the minor resistance level 1.3560 leads the pair to visit 1.3590 and 1.3620.

S1: 1.3480	R1: 1.3590
S2: 1.3435	R2: 1.3660
S3: 1.3370	R3: 1.3700