GBP Looking For Extra Momentum

The British Pound faced a strong level near the psychological barrier of 1.3400, which forced it to retest the support floor of 1.3280.

Technically, looking at the 4-hour chart, we find positive crossover signals that are still dominating the stochastic indicator to get rid of the negativity, looking at the 60-minute time frame, we find positive attempts coming from the RSI. The intraday trading remains above the support level of 1.3310 and the most important 1.3290 keeps us on our positive expectations, but cautiously targeting 1.3380 as a first target, and confirming the breach of the mentioned level increases the possibility of continuing the bullish bias to 1.3430.

From the downside, breaking 1.3290 negates the bullish scenario and puts the pair under temporary negative pressure, targeting a re-test of 1.3220, and then 1.3170.

Note: The level of risk may be high.

S1: 1.3385	R1: 1.3290
S2: 1.3430	R2: 1.3220
S3: 1.3170	R3: 1.3170