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The technical outlook is unchanged, and the movements of the British pound did not change significantly, maintaining the expected negative stability after it failed to consolidate above the 1.3050 resistance level.
Technically, the pair is still pressing on the psychological support level of 1.3000. In addition, we notice that the pair continues to get negative pressure from the 40-day moving average, which coincides with the clear negative signs on the stochastic indicator.
Therefore, the bearish bias may be the most preferred today, knowing that the confirmation of breaking the psychological barrier of 1.3000 is a sign that the pair is heading to visit 1.2975, a first target. Then 1.2930 as the next official station, as long as the intraday trading for the pair is stable below 1.3050, and most importantly, 1.3080.
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.
| S1: 1.2975 | R1: 1.3040 |
| S2: 1.2930 | R2: 1.3080 |
| S3: 1.2875 | R3: |