Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the last analysis, the British pound continues to decline against the US dollar within the expected bearish context. As a result, the pair recorded its lowest level during the morning trading of the current session 1.3804.
We notice that the pair continues to obtain negative pressure from the 50-day moving average on the technical side. This comes in conjunction with the stability of the RSI below the 50-day average.
Therefore, with intraday trading remaining below the resistance level of 1.3830 and, in general, below 1.3860, the bearish bias is likely today, targeting 1.3770/1.3760 and then 1.3745, the official target for the current downside wave is around 1.3695.
Activating the bearish scenario depends on the stability of daily trading below 1.3860, and its breach will invalidate the activation of the suggested scenario. We will witness a slight bullish slope targeting 1.3910.
| S1: 1.3775 | R1: 1.3860 |
| S2: 1.3745 | R2: 1.3910 |
| S3: 1.3695 | R3: 1.3945 |
