The British Pound Testing Support

The technical outlook is unchanged, and the GBP’s movements did not change much for the second consecutive session, maintaining the bearish context within a sideways slope.

On the technical side today, and by looking at the 240-minute interval, the moving average started to pressure the price negatively from above. We find the negative features that began to appear on the stochastic that gradually started to lose the bullish momentum.

Although we tend to be negative, we prefer to witness a break of 1.3800 to target 1.3775 and then 1.3750, and the losses extend towards 1.3720.

Trading again above the resistance level of 1.3880 can thwart the suggested bearish scenario, and the pair recovers with an initial target of 1.3950.

S1: 1.3800	R1: 1.3890
S2: 1.3760	R2: 1.3935
S3: 1.3710	R3: 1.3980