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The sterling pound witnessed negative trading within the expected bearish path during the previous analysis within a gradual bearish bias towards the downside approaching our awaited target 1.3655, recording the lowest 1.3670.
On the technical side, the current movements are witnessing a slight upward bias as a result of approaching the support level of 1.3670, but the 50-day moving average remains a hindrance in front of the pair, in addition to continuing trading below the previously broken support, which was converted into the 1.3770 resistance level.
From here, we will maintain our negative outlook, knowing that trading below 1.3700 facilitates the task required to visit 1.3685/1.3675, a first target, and then 1.2620.
Settling again above 1.3770 and the most important 1.3790 level is capable of foiling the continuation of the bearish trend, and the pair will recover again with the first target of 1.3840 and may extend later towards 1.3870.
| S1: 1.3685 | R1: 1.3790 |
| S2: 1.3625 | R2: 1.3840 |
| S3: 1.3575 | R3: 1.3895 |
