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The British Pound was little changed during the previous trading session within a sideways bearish range, confined between the support level of 152.00 and the resistance of 153.60.
On the technical side, we tend to be negative, relying on the continuation of the negative pressure coming from the 50-day moving average, which forms a pressure on the price from above and the clear negative signs on the stochastic indicator.
Therefore, the bearish scenario will be valid, targeting 152.50, considering that breaking the mentioned level will extend the pair’s losses so that we will be waiting for 152.10/152.0 as the next station.
The suggested bearish scenario requires trading to remain below the resistance level of 153.65. Its breach will negate the suggested scenario and lead the pair to a temporary ascending path, targeting 154.20 before retracing.
| S1: 152.60 | R1: 153.65 |
| S2: 152.20 | R2: 154.20 |
| S3: 151.60 | R3: 154.65 |
