British Pound Looking For Assurances

We committed to the intraday neutrality during the previous analysis and that we are waiting for a sign of directional confirmation, indicating that the stability of trading above 1.3050 leads the pair to re-test 1.3080, posting high at 1.3080.

On the technical side, by looking at the 4-hour chart, we find the stochastic indicator trying to get rid of the current negativity, and the moving average is trying to push the price to the upside.

Although we tend to be positive, we prefer to wait until confirming the breach of 1.3050 targeting 1.3080. Also, we should pay close attention that the breach of the latter extends the pair’s gains and open door to1.3120 and may extends gain to 1.3165.

On the downside, consolidates below the solid support floor 1.3000 will immediately stop any attempts to rise and put the price under negative pressure again. Its descending targets start at 1.2965 then 1.2920.

S1: 1.3000	R1: 1.3080
S2: 1.2960	R2: 1.3120
S3: 1.2920	R3: 1.3165