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A bearish trend dominated the movement of the British pound against the U.S. dollar yesterday, with the pair beginning to pressure the support level at 1.3120, attempting to break through it.
From a technical perspective, the 4-hour chart reveals that the simple moving averages are exerting downward pressure, reinforcing the daily bearish trend. Additionally, the chart shows a bearish technical structure.
Given this setup, there is potential for the downward trend to continue, especially if we see a decisive break below the 1.3120 support level. This could pave the way for the pair to target 1.3080 and 1.3050, respectively.
Overall, we maintain a bearish outlook as long as trading remains below 1.3170. A break above this level would invalidate the bearish scenario, leading to a potential retest of 1.3205, with gains possibly extending toward 1.3240.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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