The British Pound Continues Its Gradual Decline

The British pound maintained the bearish context against the US dollar within a gradual decline towards the awaited target at 1.3610, recording its lowest level at 1.3630.

On the technical side today, and by looking at the 4-hour chart, we notice the clear negative crossover signs on stochastic, in addition to the continuation of the negative pressure from the 50-day moving average that supports the bearish price curve.

Therefore, the technical factors mentioned above encourage us to maintain our negative expectation to target 1.3600 as a first target. Breaking it will pressure the price to complete the decline towards 1.3665 and 1.3520, respectively.

Activating the suggested bearish scenario requires daily trading to remain below the previously broken major support-into-resistance 1.3720.

S1: 1.3600	R1: 1.3670
S2: 1.3565	R2: 1.3720
S3: 1.3520	R3: 1.3770