The British Pound May Witness a Temporary Decline

Sterling’s movements are witnessing a bearish tendency against the US dollar after it found a strong resistance level around 1.3830, which forced it to trade with intraday negativity.

On the technical side today, the daily trend is still bullish. Still, we tend to the intraday negativity due to the stability of the intraday trading below the resistance level of 1.3830, in addition to the stochastic losing the bullish momentum gradually, in addition to the negative signs of the RSI, which may increase the possibility of witnessing a bearish bias before attempts to rise again.

We target a retest of 1.3750/1.3740, an initial target, towards 1.3720, before attempting to rise again, knowing that the return of stability above 1.3830 leads the pair directly to complete the rise with the target of 1.3900.

S1: 1.3755	R1: 1.3835
S2: 1.3700	R2: 1.3890
S3: 1.3665	R3: 1.3940