GBP is facing temporary negative pressure 31/5/2022

The British pound approached achieving the first target required to be touched during the previous analysis at 1.2675 to settle for recording its highest level at 1.2660.

Technically and carefully looking at the 4-hour chart, we find the negative features dominating the stochastic indicator and the stability of the intraday trading below 1.2630.

We may witness a bearish bias in the coming hours that targets the pair retesting the support level 1.2570/1.2580 before attempting to rise again, knowing that the bearish bias does not contradict the daily bullish trend around 1.2675 and 1.2710, respectively, once 1.2630 is breached.

Remember that the stability of trading below 1.2570 negates the bullish scenario and puts the pair under intense negative pressure, with an initial target of 1.2510 before determining the next price destination.

Note: The quality of the deal is not high.

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.

S1: 1.2585	R1: 1.2675
S2: 1.2510	R2: 1.2710
S3: 1.2465	R3: 1.2760