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The movements of the pound sterling against the US dollar witnessed calm, but tends to positivity within the expected bullish context, in which we depended on the breach of 1.3900 targeting 1.3945, to settle for its highest level at 1.3924.
On the technical side today, and with a closer look at the 4-hour chart, we find the negative signs appearing on the stochastic indicator and it started gradually losing the bullish momentum.
From here, with intraday trading below 1.3930/1.3940, the bearish bias is likely today, targeting 1.3875 as a first target. It should also be noted that the breach of the aforementioned level extends the pair’s losses so that the way is open directly towards 1.3810.
Trading again above 1.3940 is capable of completely aborting the bearish bias, and we may witness a visit to 1.3970 and then 1.4000 respectively.
| S1: 1.3875 | R1: 1.3930 |
| S2: 1.3810 | R2: 1.3970 |
| S3: 1.3775 | R3: 1.4000 |
