Home / Technical Analysis / Daily Technical Analysis / Sterling Retests Resistance
GBP, Pound, Technical Analysis

Sterling Retests Resistance

The British pound succeeded in achieving the retest target published during the previous technical report, touching the awaited retest target around 1.3570, recording its highest level at 1.3580.

Technically, by looking at the 4-hour chart, we notice that stochastic is gradually losing bullish momentum, which increases the possibility of witnessing a negative trading session that targets 1.3485, taking into account that breaking the target level facilitates the task required to visit the strong support 1.3420.

The above-expected decline depends on the pound sterling’s stability below the previously broken support-into-resistance level at 1.3610, 38.20% Fibonacci correction. Suppose the breach of the strong supply level represented by the 1.3610 resistance is confirmed. In that case, this will postpone the chances of a decline, and we may witness a slight bullish bias that targets 1.3665, 50.0% correction before starting the decline again.

S1: 1.3485R1: 1.3610
S2: 1.3400R2: 1.3665
S3: 1.3350R3: 1.3745

Check Also

Oil is trying positively 31/10/2024

US crude oil futures saw a positive rebound, recovering from a low of $67.31 per …