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The British pound touched the bullish target required during the last analysis, at 163.10, recording a high of 163.32.
On the technical side, the pair failed to stabilize for a long time above the psychological barrier resistance level 163.00, which forced it to trade negatively significantly to retest 162.00. With a closer look at the 60-minute chart, we notice the negative pressure of the 50-day simple moving average, which comes in conjunction with the stochastic losing the bullish momentum.
From here, the price stability below 163.10, we may witness a bearish tendency, provided that 162.00 is confirmed, to facilitate the task to visit 161.75, a first target. It must be well noted that any trading below 161.75 increases and accelerates the strength of the bearish slope, opening the door to visiting 161.20 as long as the price is stable below 163.10.
Consolidation above 163.10 can thwart the bearish scenario and lead the pair to recover quickly to visit 163.85.
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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