Sterling Extends Losses

As we expected, the British pound extended its losses against the US dollar, touching the official target station at 1.3420, to record its lowest price at 1.3393.

On the negative side today, and with careful consideration on the 4-hour chart, we find the price is stable below 1.3530, 23.60% correction, and the stochastic continues receiving negative crossover signs.

Therefore, the bearish scenario will remain valid and effective, targeting the 1.3345 first target and then 1.3280/1.3300 official station awaiting the current downside wave. In general, we will continue to suggest the bearish trend as long as the daily trading is stable below 1.3530.

S1: 1.3345	R1: 1.3520
S2: 1.3280	R2: 1.3620
S3: 1.3170	R3: 1.3690