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The British pound traded with clear negativity against the US dollar during the previous trading session, recording its lowest level at 1.3430 after it failed to stabilize for a long time above the psychological barrier level of 1.3500.
On the technical side, today, we tend to the negativity in our trading, relying on the negative signs of the 14-day momentum indicator and its stability below the 50 mid-line, in addition to stochastic losing the bullish momentum.
Today we are targeting 1.3420 as a first target. It should be noted that breaking the mentioned level is a negative pressure factor that opens the way for the pound sterling towards the areas of buying concentration 1.3375.
From the top, a short move up and a rise above the main supply area of 1.3530 would cancel the proposed scenario and fuel the pair to recover, with the first target of 1.3585.
| S1: 1.3190 | R1: 1.3300 |
| S2: 1.3130 | R2: 1.3340 |
| S3: 1.3090 | R3: 13410 |
