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The British pound failed to achieve the retesting published during the previous analysis at 1.2180, to hit the strong resistance around 1.2140, which forced it to return to the downside path again.
On the technical side, the negative pressure coming from the 50-day simple moving average, which comes in conjunction with the clear negative signs on the stochastic indicator, are technical factors that support the downside path.
Therefore, we may witness more decline during today’s trading session, targeting 1.2000, taking into consideration that the confirmation of breaking the mentioned level constitutes a negative pressure factor on the pair and extends its losses to visit 1.2960 and 1.1930 initially, as long as the price is stable below 1.2130.
Note: UK inflation data, US retail sales data, and the results of the Federal Reserve meeting are due today, which are high-impact data; we may see high volatility in prices and all scenarios are on the table.
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