The Pound is Testing The MA 8/2/2022

The technical outlook is unchanged, with the British Pound unchanged against the US Dollar after finding a strong resistance level around 1.3560.

On the technical side today, the pair’s current movements are witnessing a bearish tendency due to the intraday stability below the 1.3560 level, and we also find that the RSI started losing the bullish momentum gradually over the short time frames.

We may witness a bearish bias during today’s session, provided we confirm the breach of 1.3500 and the decline below the 50-day moving average, which meets around the mentioned level to visit 1.3460, 50.0% correction, respectively, knowing that the consolidation above the resistance level 1.3560 leads the pair to visit 1.3590 and 1.3620.

S1: 1.3480	R1: 1.3550
S2: 1.3435	R2: 1.3590
S3: 1.3370	R3: 1.3620