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The Sterling Pound incurred heavy losses yesterday, within the expected negative outlook, touching the official target to be achieved at 1.1265, recording its lowest level at 1.1150.
On the technical side, the simple moving averages continue to pressure the price from above, accompanied by a clear decline in the momentum, which makes the bearish scenario the most likely today, provided that we witness a break of 1.1150 and that opens the door for the pair to achieve more losses towards 1.1100 initially.
The obvious oversold may make the pair retest 1.1280 before starting the decline again.
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: 1.1095 | R1: 1.1370 |
| S2: 1.0990 | R2: 1.1540 |
| S3: 1.0830 | R3: |