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Negative trading continues to control the pound against its Japanese counterpart, surpassing the second official target required to be achieved at 141.30, recording its lowest level during early trading for the current session at 140.65.
On the technical side today, and with a closer look at the 240-min chart, we find the 50-day moving average supports the bearish curve for prices, and the stochastic oscillator began to provide negative crossover signals.
From here we target 140.20, and breaking it will extend the pair’s losses, opening the way directly towards 139.65. Rising again above 141.40, the previously broken support, which has been converted into a support level, delays the chances of a reversal, and we may witness a slight bullish tendency aimed at re-testing 141.75 / 141.80.
| S1: 140.20 | R1: 141.75 |
| S2: 139.65 | R2: 142.75 |
| S3: 138.65 | R3: 143.30 |
