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The British pound approached retesting the psychological barrier resistance at 1.1600, recording its highest level during the previous trading session at 1.1590, and started to the decline again.
On the technical side, we find regular movements within the bearish channel’s axes, in addition to the continuation of the negative pressure coming from the simple moving averages.
Despite the technical factors supporting the decline, we prefer to witness a clear and strong breakout of the 1.1480 demand area, which increases the strength of the daily bearish trend, so that we are waiting to touch the bottom that was recorded recently at 1.1410.
The suggested bearish scenario depends on the price stability below 1.1610, because its breach leads the pair to recover within a corrective ascending wave whose initial target is 1.1680.
Note: “US Retail Sales” data is due to be released and has a meaningful impact, and we may see high volatility in prices.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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