British Pound Trying to Recover

We adhered to the intraday neutrality during the previous analysis due to the conflicting technical signal above the 1.3800 support level and below the resistance level of 1.3890 within a sideways bullish range that cannot break mentioned levels.

On the technical side, today, we find the 50-day moving average that is still holding the price from below, supporting a rise in the coming hours, and this coincides with the pair getting bullish momentum from the RSI on the short time frames, on the other hand, there are negative features that started to appear on the RSI indicator.

As the technical signals continue to conflict, we will be neutral for the second session in a row to obtain a high-quality deal, waiting for one of the following scenarios:

In case the break of 1.3810/1.3800 is confirmed from here, we may witness a bearish bias, its initial target 1.3765, while its official target lies around 1.3700.

Reactivating the long positions, we need to witness a jump and rise of the price above 1.3890, and this is a catalyst that increases the probability of touching 1.3930 and 1.3970, respectively.

S1: 1.3800	R1: 1.3890
S2: 1.3765	R2: 1.3940
S3: 1.3720	R3: 1.3980