GBP: Starts Positively

Positive trades continue to dominate the movements of the British pound against the US dollar after it succeeded in establishing good support floor near 1.3650.

On the technical side today, the intraday trading is trying to stabilize above the psychological barrier of 1.3700, as we find the 50-day moving average that supports the upward curve for prices, accompanied by the stability of the RSI above the 50 midline.

Thus, the bullish bias is likely today, targeting 1.3750 / 1.3755 as a first target, and a breach of it extends the pair’s gains to open the way for the pair towards 1.3795.

Trading again below 1.3550 negates the suggested scenario completely and leads the pair to a downside path, its initial target 1.3600 / 1.3595, and may extend later towards 1.3550.

Note: the level of risk may be high today.

S1: 1.3650	R1: 1.3755
S2: 1.3595	R2: 1.3795
S3: 1.3550	R3: 1.3850