The Pound Breaks Support

The British pound gave up its gains against the US dollar to witness bearish bias, and the pair’s current moves settled below the 1.3800 psychological support level.

Technically, negative signs are coming from the RSI, stable below the 50-mid-line, accompanied by the negative pressure of the 50-day moving average.

Therefore, the bearish bias is likely today, targeting 1.3740, the first target, and then 1.3710. knowing that breaking the latter will extend the pair’s losses so that we will be waiting for 1.3665.

Activating the bearish scenario depends on the stability of trading below the broken support level, which is now turned into a resistance level of 1.3800 and, most importantly, 1.3830.

S1: 1.3740	R1: 1.3830
S2: 1.3710	R2: 1.3890
S3: 1.3665	R3: 1.3930