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The technical outlook is unchanged, and there was no change in the pound sterling against the US dollar, as it maintained negative stability below the pivotal resistance level located at 1.3175.
On the technical side, today, we tend to the negativity in our trading, relying on the stability of trading below 1.3175, the continuous negative pressure coming from the simple moving averages, and the negativity features that dominate the momentum indicator.
We need to witness a decline of the price below 1.3075 to facilitate the task required to visit 1.3030, a first target, and then 1.2990, an awaited next station.
To remind that trading stability below the 1.3175 resistance level is an essential condition to activate the suggested bearish bias, and bypassing it upwards leads the British pound to recover to retest 1.3240, 38.20% Fibonacci correction.
Note: The risk level is high.
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: 1.3075 | R1: 1.3170 |
| S2: 1.3030 | R2: 1.3215 |
| S3: 1.2980 | R3: |