The British Pound Struggles to Hold Above Support

The British pound is struggling to hold above the strong support level located at 1.3690, which forced the pair to rebound to the upside, hovering around the 1.3760 level.

On the technical side today, we find the simple moving averages continue to hold the price from below, accompanied by the stability of the RSI above the mid-line 50.

This increases the possibility of witnessing a bullish bias during today’s trading, targeting 1.3785, knowing that the breach of 1.3785 is a catalyst that enhances the chances of continuing the rise towards 1.3810.

The return of trading stability below 1.3700 can thwart the resumption of the rise and renew the chances of negative pressure towards 1.3660 and 1.3620 areas, respectively. 

Note: The risk level is still high.

S1: 1.3715	R1: 1.3785
S2: 1.3660	R2: 1.3810
S3: 1.3605	R3: 1.3860