The Pound Breaks Through Resistance

The pound sterling against the US dollar recovered, touching the stop losses order mentioned in the previous analysis, at 1.3820, recording the highest level at 1.3862.

On the technical side, we find the pair settled above the psychological support level of 1.3800. The simple moving averages returned to hold the price and started providing a positive stimulus.

With trading remaining above the mentioned support 1.3800 and most importantly 1.3780, there is a possibility of a bullish bias during today’s session, targeting 1.3890 first target, knowing that breaching it increases and accelerates the strength of the bullish bias and open the door to visit 1.3930.

Activating the bullish scenario depends on the stability of trading above 1.3780, and breaking it will lead the pair to the bearish path again, with an initial target of 13710.

S1: 1.3780	R1: 1.3890
S2: 1.3710	R2: 1.3930
S3: 1.3670	R3: 1.4000