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The British pound benefited from touching the strong support level published in the previous analysis, located at 1.3720, which forced it to rebound to the upside to retest the pivotal resistance located at 1.3820.
On the technical side today, and carefully looking at the 4-hour chart, we notice the price stability above the 50-day moving average, in addition to the clear positive signs on the RSI.
From here and steadily, intraday trading is above 1.3760, and most importantly 1.3720, the bullish bias is likely, provided that 1.3820 is breached, which increases the strength of the daily bullish trend, so we are waiting for 1.3870, and 1.3920 official awaited station.
Breaking 1.3720 will cancel the bullish scenario and renew the bearish bias’s imposition of its control again, with the aim of 1.3640.
| S1: 1.3730 | R1: 1.3820 |
| S2: 1.3680 | R2: 1.3870 |
| S3: 1.3640 | R3: 1.3925 |
