Pound Breaks Support and Negativity in Place

The British Pound retreated significantly within the expected bearish path, touching the official target at 1.3825, recording its lowest level at 1.3817 during early trading for the current session.

On the technical side, the price succeeded in breaking 1.3875, which was accompanied by negative pressure coming from the simple moving averages. This encourages us to maintain our negative expectations targeting 1.3870 / 1.3790 initial targets, knowing that confirming the recent break increases and accelerates the strength of the daily bearish trend, so that the way is open directly towards 1.3730.

The expected bearish scenario depends on trading remaining below the previously breached support, which was converted to 1.3880 resistance.

S1: 1.3790	R1: 1.3935
S2: 1.3730	R2: 1.4020
S3: 1.3645	R3: 1.4075