Pound Hovering Around Support

The British Pound found a pivotal resistance level around the psychological barrier of 1.4000, and as we explained during the previous analysis that breaching the aforementioned level is an important and essential condition for resuming the upside.

On the technical side, we find that the pair retested the previously breached resistance and converted to the 1.3930 support level published during the previous report, and with a closer look at the chart, we believe that there is a possibility for a bearish tendency based on the intraday stability below 1.3980 and the most important 1.4000, in addition to the clear negative crossover signals. Stochastic indicator.

Despite the technical factors that support the downside, we prefer to confirm a break of 1.3930, targeting 1.3830 a next station.

From the top, a breach of 1.4000 is able to completely defeat the bearish scenario and lead the pair to the upside path again, with the first goal of 1.4030/1.4050.

S1: 1.3830	R1: 1.4030
S2: 1.3720	R2: 1.4120
S3: 1.3630	R3: 1.4220