Sterling is Stable Below Resistance

GBP/USD found a strong resistance level after successfully retested around the 1.3470 level, which forced the pair to trade negatively around the psychological barrier level 1.3400 within the expected bearish path.

On the technical side, the daily trend is still bearish, with the RSI gaining bearish momentum, in addition to the negative pressure from the 50-day moving average.

From here, the bearish scenario remains valid and effective, targeting 1.3400, knowing that the infiltration below the mentioned level increases and confirms the continuation of the decline to visit 1.3350 and 1.3300, respectively.

Trading above 1.3470 will stop the suggested scenario, and we will witness a temporary ascending path, with an initial target to a retest of 1.3500.

S1: 1.3400	R1: 1.3470
S2: 1.3350	R2: 1.3505
S3: 1.3300	R3: 1.3545