The Pound Gives up Against The Dollar

The British pound gave up its gains to incur substantial losses during the previous trading session, within the expected negative technical outlook during the last report, surpassing the required target of 1.3565 to record its lowest level at 1.3470.

Today’s technical aspect indicates the possibility of continuing the decline, with the stability of trading below the previously broken support level, turned into a resistance level of 1.3560, in addition to the continuation of the negative pressure coming from the 50-day moving average.

The bearish trend is likely today, knowing that trading below 1.3470 facilitates the task required to visit 1.3410 next station, and breaking it increases the strength of the bearish trend to open the door for 1.3330 initially.

Activating the suggested bearish scenario depends on trading stability below 1.3565, and most importantly, 1.3600.

S1: 1.3410	R1: 1.3645
S2: 1.3330	R2: 1.3780
S3: 1.3180	R3: 1.3870