Pound Hits Resistance

The resistance level published during the previous analysis located at 1.4000 managed to limit the bullish bias that the British pound witnessed yesterday, to return again to resume the bearish bias.

On the technical side today, we tend to be negative, relying on the price stability below the psychological barrier 1.4000, accompanied by the continuation of the pair getting pressure from the moving average, in addition to the clear negative signs on the stochastic indicator.

Therefore, we target 1.3910 the first target, and then 1.3875. The suggested scenario requires stability below 1.4000.

S1: 1.3910	R1: 1.4000
S2: 1.3875	R2: 1.4050
S3: 1.3830	R3: 1.4085