Pound Gives up Gains

The British pound retreated against the US dollar yesterday, a noticeable decline after several sessions of successive rise, to hit 1.3950 resistance level, which is now stable around its lowest levels at the early current session at 1.3885.

Technically speaking, the intraday trading is stable below 1.3920 and the most important 1.3950 are factors that support the downside, in addition to the pair getting negative pressure from the 50 day moving average.

Therefore, the bearish bias is likely today, targeting 1.3850 the first target, and breaking it puts the pair under negative pressure targeting 1.3810.

From the top, stability of the price above 1.3920, cancelling the expected bearish scenario, and the pair will regain the official bullish path again so that we will be waiting for 1.3990.

Note: First-Tier Data is scheduled on Uk calendar and may have an impact on the price.

S1: 1.3850	R1: 1.3940
S2: 1.3810	R2: 1.3990
S3: 1.3760	R3: 1.4030