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The technical outlook is unchanged, and the pair’s movements did not change significantly within limited positive attempts that witnessed the movements of the British pound against its American counterpart to temporarily reverse the expected bearish trend, recording its highest price at 1.2766, for the pair to fail to confirm the breach of 1.2760 and return to settle below it.
On the technical side, the simple moving averages are trying to provide a positive motive; conversely, we find the stochastic indicator around the intraday overbought areas, accompanied by the stability of intraday trading below 1.2760.
From here, with steady intraday trading below the resistance of 1.2760, that encourages us to hold onto our negative expectations, knowing that the decline below 1.2710 facilitates the task of visiting 1.2665, and breaking it increases and accelerates the strength of the bearish trend, opening the way towards 1.2630.
Only from above, the price consolidated and the closing of an hourly candle at least, the resistance level of 1.2760, completely invalidates the activation of the bearish scenario. The pair recovers temporarily as we await a retest of 1.2800, and then 1.2830.
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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