Sterling Retesting Resistance

The Pound retested the psychological barrier resistance at 1.3500, which forced it to trade with slight negativity, and recorded the lowest around the strong demand area 1.3410.

On the technical side today, and by looking at the 4-hour chart, the stochastic started losing the bullish momentum gradually, in addition to continuing to move below the 50-day moving average, which converges around 1.3500/1.3480 and adds more strength to it.

Therefore, we expect the drop to continue, knowing that the intrusion below the 1.3400 support point facilitates the task required to visit the price bottom around 1.3300.

Suppose the demand levels located at 1.400 can hold, then in addition to breaching 1.3500. In that case, this can thwart the negative scenario, and we will witness a visit to 1.3600 areas.

S1: 1.3400	R1: 1.3510
S2: 1.3355	R2: 1.3555
S3: 1.3300	R3: 1.3600