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Mixed trading dominated the exchange rate of the British pound against its American counterpart, moving in both directions to end the trading of the last session at the price of 1.2030.
Today’s technical side indicates the possibility of a decline, relying on the stability of trading below the resistance level of 1.2065, in addition to the move below the simple moving average, which continues to pressure the price from above and is stimulated by the negativity of the stochastic.
Therefore, the possibility of a decline exists to target 1.1950/1.1960, and breaking the level as mentioned above exposes the pair to achieve additional losses towards 1.1890 and then 1.1830, respectively.
From above, the price attempts to breach the resistance level of 1.2075, capable of the suggested scenario, and the pair recovers temporarily towards 1.2145.
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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