The British Pound Retesting Resistance

The pivotal resistance levels published during the previous analysis at 1.3645 could limit the bullish bias witnessed by the pound sterling against the US dollar.

On the technical side, and carefully looking at the 240-minute chart, we notice that Stochastic is losing bullish momentum, and we find that the RSI has started sending negative signals on the short time frames.

We believe that the bearish trend is still valid, targeting 1.3530. It should be noted that breaking the mentioned level puts the pair under intense negative pressure, pushing it to 1.3480.

Rising above 1.3645 will nullify the suggested bearish scenario, and we may witness an ascending path whose initial target is around 1.3720/1.3695.

S1: 1.3535	R1: 1.3645
S2: 1.3480	R2: 1.3695
S3: 1.3420	R3: 1.3750