British Pound: Negative Pressure is in Place 31/2022

The current movements of the Pound Sterling are witnessing a slight bullish tendency after it found a good support floor near the psychological support level 1.3400.

On the technical side today, we tend to the negativity, relying on the movement within the price channel shown on the 4-hour time frame, in addition to the continuation of the bullish pressure coming from the 50-day moving average, which is an obstacle and meets around the 1.3500 resistance and add more strength.

The bearish slope is more likely today, knowing that trading below 1.3380 facilitates the task required for 1.3335 first target and 1.3300 next.

Activating the suggested scenario depends on the stability of the intraday trading below 1.3470 and, in general, below 1.500.

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

S1: 1.3380	R1: 1.3445
S2: 1.3335	R2: 1.3475
S3: 1.3300	R3: 1.3520