British Pound Still in Negative Territory

The British pound is trading on the downside against the US dollar, hovering near the session low around 1.2900.

Technically, looking at the 4-hour chart, we find that the stochastic is moving negatively with continued negative pressure from the simple moving averages.

Therefore, with consolidation below 1.2960 and generally below the broken psychological barrier turned into resistance 1.3000, the downtrend remains intact, targeting 1.2870 then 1.2840.

Consolidating above 1.3000 negates attempts to decline and pushes the pair to regain an upside path with initial targets at 1.3060 and extending to 1.3110.

S1: 1.2870	R1: 1.2960
S2: 1.2840	R2: 1.3020
S3: 1.2780	R3: 1.3060