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The British pound retreated against the US dollar significantly, touching the second target required to be achieved during the previous analysis, located at 1.3875, recording its lowest level at 1.3867.
On the technical side today, and by looking at the 240-minute chart, we find the pair continues to get negative signals coming from the stochastic, coinciding with the continuation of negative pressure coming from the 50-day moving average.
Consequently, the bearish scenario will remain valid and effective, targeting 1.3830/1.3820 first, and then 1.3775 awaited stops.
In general, we will continue favouring the downside unless we witness any trading above the 1.4000 resistance level.
| S1: 1.3830 | R1: 1.3980 |
| S2: 1.3775 | R2: 1.4075 |
| S3: 1.3680 | R3: 1.4130 |
