Pound Facing Negative Pressure

The movements of the pound against the US dollar witnessed a bearish bias as it was retesting the support mentioned In the previous analysis, through which we targeted a re-test of 1.3550, to record the pair’s lowest price at 1.3538.

On the technical side, the current moves are witnessing stability below the extended resistance 1.3630 / 1.3650, as we find negativity still dominating the stochastic indicator, which gradually started losing the bullish momentum. Therefore, the bearish bias is likely today, targeting 1.3530 the first target, and then 1.3470 a next stop.

Back to the upside and rising again above 1.3650 negates the suggested bearish scenario, and we may witness positive trades targeting 1.3730.

S1: 1.3530	R1: 1.3665
S2: 1.3470	R2: 1.3735
S3: 1.3400	R3: 1.3800