The Cable Settled Below Support

The British pound moved away from its high levels against the US dollar after several consecutive sessions of rally, to witness the current moves of the pair stabilizing below the 1.4060 resistance level.

On the technical side today, and with a closer look at the chart, we find the RSI continues to defend the daily bearish trend, accompanied by negative pressure coming from the 50-day moving average.

From here, we may witness further decline as trading remains intact below the previously broken support, which was converted to 1.4070/1.4080 resistance, targeting 1.3875, a first target that may extend later towards 1.3810.

The bearish scenario requires stability below 1.4080.

S1: 1.3875	R1: 1.4105
S2: 1.3800	R2: 1.4255
S3: 1.3650	R3: 1.4330