Sterling Presses Support And Negativity Needs Confirmation

The technical outlook remains unchanged, and the GBP’s movements did not change much, maintaining the bearish context. On the technical side today, and by looking at the 240-minute chart, the moving average started to pressure the price negatively from above. We find the negative features that began to appear on the stochastic that gradually started to lose the bullish momentum.

Although we tend to be negative, we prefer to witness a break of 1.3800 to target 1.3775 and then 1.3750, and the losses extend towards 1.3720 official stations in the event of a break. Trading and stabilizing again above the resistance level of 1.3880 can thwart the suggested bearish scenario, and the pair recovers with an initial target of 1.3950.

Sterling Presses Support And Negativity Needs Confirmation

S1: 1.3800	R1: 1.3890
S2: 1.3760	R2: 1.3935
S3: 1.3710	R3: 1.3980