Pound Retested Support

The British Pound found a pivotal resistance level around the psychological barrier 1.4200 represented by the first bullish target published during the previous analysis, which forced it to trade negatively again, to re-test the 1.4120 support level again.

On the technical side today, and with a closer look at the 4-hour chart, we find the stochastic continues to obtain positive signals within attempts to continue the bullish momentum, and we find the RSI indicator is still defending the upside on short time frames.

From here, and with the continuation and stability of trading above 1.4120, the bullish scenario remains valid and effective, knowing that trading above 1.4200 is a catalyst that enhances the chances of an upside to visit 1.4270.

A reminder that a break of 1.4110 is capable of foiling the expected bullish scenario and puts the price under negative pressure again, to retest 1.4070.

S1: 1.4120	R1: 1.4210
S2: 1.4070	R2: 1.4270
S3: 1.4020	R3: 1.4305