The Pound Continues to Decline Against The US Dollar

The technical outlook is unchanged, to find the pound sterling maintaining the strong bearish trend within the expected negative outlook, touching the official target station at 1.3810, recording its lowest level at 1.3806.

On the technical side, by looking at the 240-minute chart, we find that there are signs of the emergence of a bearish technical structure, in addition to the pair’s continuing negative pressure from the 50-day moving average.

From here, the bearish scenario will remain valid and effective, knowing that breaking 1.3800 will extend the pair’s losses, opening the way to visit 1.3775 and 1.3745, initial targets that may extend later to 1.3690. Activating the bearish scenario depends on the stability of trading below 1.3890/1.3900.

S1: 1.3775	R1: 1.3850
S2: 1.3720	R2: 1.3900
S3: 1.3675	R3: 1.3930