Pound Gives up Gains And Negativity in place

The British pound retreated against the US dollar during the previous session within the expected bearish path, touching the second official target required at 1.3325, recording a low of 1.3225.

On the technical side today, the price has stabilized below the previously breached support level, which is now converted into a resistance level around 1.3410, accompanied by negative pressure coming from the 50-day moving average.

Therefore, the bearish tendency is likely today, targeting 1.3300 / 1.3280 as a first target, taking into account that trading below the last extends the losses of the pair open the doors to 1.3240, and the price behaviour of the pair should be monitored around 1.3240 because breaking pushes the pair in a strong downside wave targeting 1.3130.

From the top, trading back above 1.3410, and most importantly 1.3450 will stop the expected bearish scenario, and we will witness a bullish bias, targeting 1.3500 again.

S1: 1.3240	R1: 1.3455
S2: 1.3125	R2: 1.3555
S3: 1.3025	R3: 1.3670