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During the previous trading session, the British pound achieved some gains, building on a support floor of 1.3500, which forced it to make a bullish bounce to retest the main supply point for the current trading levels at 1.3600.
On the technical side today, we notice that stochastic has reached overbought areas and started to gradually lose the bullish momentum, in addition to the pair hitting the pivotal resistance level 1.3610 represented by the 23.60% Fibonacci correction.
Therefore, the bearish scenario may remain the most likely during today’s trading, knowing that the decline below 1.3550 may facilitate the task required to visit 1.3500 initial stations. Its targets extend later towards 1.3460 points centered around the 50.0% correction.
The bearish scenario depends on the stability of daily trading below the pivotal resistance level 1.3610, and surpassing it upwards may cancel the view of the decline and the pair recovering towards 1.3650 initially.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.3540 | R1: 1.3610 |
| S2: 1.3500 | R2: 1.3650 |
| S3: 1.3460 | R3: 1.3690 |
