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As we expected, the pound sterling incurred heavy losses against the US dollar, approaching a few points from the target to be touched at 1.1550, recording its lowest price during the early trading of the current session at 1.1570, and it is still stable around the mentioned level.
On the technical side, confirmation of the pair breaking the psychological support floor of 1.1600 supports the idea of the continuation of the bearish official trend, in addition to the support of the simple moving averages and the bearish curve for prices.
Therefore, the bearish scenario is the most likely, knowing that breaking 1.1570 will extend the pair’s losses, so we will be waiting for the next 1.1500 official stations. The price behavior should be monitored at around 1.1500 due to its importance to the general trend in the short term.
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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