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The British pound continues to decline against its American counterpart, recording its lowest level at the end of last week’s trading at 1.2370.
On the technical side today, the stability of intraday trading below 1.2400 and most notably below the strong resistance level of 1.2440 supports negativity in addition to the continuation of negative pressure coming from the simple moving averages that continue to exert negative pressure on the price from above.
Therefore, there is a possibility of resuming the downward path with the first target at 1.2370, noting that confirmation of breaking the aforementioned level extends the pair’s losses, making the way directly open to visit 1.2310.
From above, the return of the bullish bias, we need to witness a breakout and consolidation of the price above the strong resistance of 1.2440, which may motivate the price to retest 1.2480.
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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