The British pound Hits The Target

The British pound achieved the positive outlook as we expected, touching the first target at 1.3655, recording its highest level during the morning session at 1.3672.

Technically, and with the pair’s success in stabilizing intraday above the previously breached resistance level, which is now turned to the 1.3600 support level, and in general above the pivotal support 1.3570 floors, in addition to the positive stimulus coming from the simple moving averages that support the chances of rising.

From here, we will maintain our positive outlook towards the second target, 1.3720/1.3700, considering that the confirmation of the pair’s breach of the 1.3735 resistance level increases the strength of the daily bullish trend and opens the door to visit 1.3800, the next target.

Activating the bullish scenario requires the stability of intraday trading above 1.3600 and, in general, above 1.3570. Knowing that the stability return below 1.3570 will immediately stop the attempts to rise and lead the pair to a bearish path that aims to retest 1.3500.

S1: 1.3600	R1: 1.3700
S2: 1.3540	R2: 1.3735
S3: 1.3500	R3: 1.3800