The Pound Continues to Witness Losses Against The Dollar

The British pound incurred strong losses at the end of last week’s trading, within the expected bearish trend during the previous report, surpassing the official target station 1.3810, recording the lowest price at 1.3792.

On the technical side, by looking at the 4-hour chart, we find that the Pound confirmed the breach of the 1.3900 support level, confirming also the breach of 1.3850, accompanied by the negative pressure of the simple moving averages.

From here, the bearish scenario remains valid and effective, targeting 1.3750 first target, and then 1.3695 next official station.

on the top side, trading above 1.3900 will immediately stop the resumption of the decline, and the pair will witness upward bias that aims to retest the resistance level of the psychological barrier 1.4000.

S1: 1.3750	R1: 1.3900
S2: 1.3695	R2: 1.4000
S3: 1.3595	R3: 1.4055