Sterling Continues to Decline Against The Dollar

The pound sterling against the US dollar succeeded in touching the official target station during the previous report, located at the price of 1.3610.

On the technical side, the pair continued to obtain negative pressure from the 50-day moving average, in addition to the stability of intraday trading below 1.3660, and most importantly 1.3680, technical factors that enhance the chances of continuing the decline.

Therefore, we are targeting 1.3585, taking into consideration that breaking it will increase and accelerate the strength of the downside trend so that 1.3530 will be the next official station.

The suggested bearish scenario depends on trading stability below 1.3680, and in case the mentioned level is breached, the pair may witness some recovery to retest 1.3810/1.3830.

S1: 1.3585	R1: 1.3720
S2: 1.3530	R2: 1.3810
S3: 1.3445	R3: 1.3865