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The pound was able to retest the strong support level at 1.3865, to return to trading positively, and now starts attacking the 1.3935 resistance level, which was mentioned in the previous analysis that it represents an important key to the pair’s trading.
On the technical side, and with a closer look at the chart, we find that the British pound is stable above the previously breached resistance level, which has now turned into support at 1.3900 accompanied by the positive stimulus of the 50-day moving average.
Thus, the bullish bias may be likely today, targeting 1.3970 the first target, and its breach is a catalyst that enhances the chances of the rally to visit 1.4000/1.4010, a pending station that may extend its gains later to 1.4050.
A reminder that activating the bullish scenario requires stability in general above 1.3865.
| S1: 1.3880 | R1: 1.3970 |
| S2: 1.3830 | R2: 1.4010 |
| S3: 1.3790 | R3: 1.4065 |
