The British Pound in a Downtrend

The British pound incurred heavy losses during the previous session’s trading within the negative outlook, as we expected,of touching the official target of 1.3760, to record the lowest price at 1.3726.

Technically, today, with the pair’s success in confirming the breach of 1.3780, accompanied by the negative pressure of the simple moving averages, in addition to the RSI gaining bearish momentum.

Therefore, we maintain our negative outlook, knowing that breaking 1.3700 will facilitate the task required to visit 1.3660 and 1.3600, respectively. Activating the bearish scenario depends on the daily trading remaining below the resistance level of 1.3825.

S1: 1.3710	R1: 1.3825
S2: 1.3660	R2: 1.3895
S3: 1.3580	R3: 1.3945