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The British pound continues to move within the expected bearish path after it succeeded in breaking the strong demand point at the price of 1.1480, explaining that breaking it puts the pair under negative pressure, its initial target of 1.1410, to approach the pair within a gradual decline to the downside, recording the lowest level at 1.1450.
On the technical side, the pair is still working within the descending price channel, in addition to stabilizing below 1.1480, which is calculated by the pair getting negative pressure from the simple moving averages.
The expected trend is still bearish, and the target is at 1.1410; we should pay close attention and monitor the price behavior of the pair around this level due to its importance for the general trend in the short term, and breaking it leads the current descending wave to visit 1.1385 initially, knowing that activating the proposed scenario requires stability of intraday trading without the extended resistance 1.1525/1.1500 .
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.
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