GBP is Facing Negative Pressure

The British pound failed to achieve the required retest scenario during the previous analysis after facing a strong resistance level of around 1.3330, which forced it to decline again.

Technically, we prefer the bearish path, relying on stochastic losing the bullish momentum gradually, which comes in conjunction with the RSI gaining more bearish momentum over the short time frames.

Therefore, the bearish tendency is likely today, targeting 1.3260. However, it should be noted that breaking the mentioned level puts the pair under intense negative pressure towards 1.3200 initially, and losses may extend later to visit the next price target of 1.3160.

Activating the bearish scenario requires daily trading to remain below the 1.3350 resistance level, and most importantly, 1.3380.

Note: Today we are waiting for US jobs data, average wages, as well as US unemployment rates, and we may witness high fluctuations in prices.

S1: 1.3260	R1: 1.3330
S2: 1.3200	R2: 1.3390
S3: 1.3160	R3: 1.3430