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The British pound hit the strong resistance level published in the last analysis, at 1.3820, which constituted an obstacle for the pair to complete the positive moves, return to trading with negativity again, and hover around the lowest level during the early trading of the current session 1.3765.
On the technical side, the bearish bias is more likely today, based on the stability of trading below the resistance mentioned above, in addition to the clear negative crossover signs on stochastic.
Therefore, we maintain our negative expectation, targeting a retest of the main support level 1.3720. However, we should pay close attention to this level because breaking it increases the strength of the bearish trend so that we will be waiting for 1.3665.
Rising again above the resistance level of 1.3820 can thwart the expected bearish scenario, and the pair will recover again, with targets starting at 1.3860 and extending towards 1.3900.
| S1: 1.3720 | R1: 1.3820 |
| S2: 1.3665 | R2: 1.3860 |
| S3: 1.3620 | R3: 1.3900 |
