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The British pound reversed the bullish trend yesterday to negate the positive outlook as we expected and touch the stop-loss order mentioned in the previous analysis at 1.3160, we have indicated that breaking the 1.3160 support level will completely negate the bullish scenario, turning towards the negativity with the first target of 1.3110, posting low at 1.3106.
Technically, with the pair’s failure to maintain the trading level above 1.3160, now turned into resistance, in addition to the clear negative crossover signals on the stochastic indicator.
This makes us believe that there is an opportunity to the downside against the dollar, with an initial target of 1.3080, and breaking the aforementioned level will extend losses towards 1.3030.
From the top, moving upwards above 1.3160, and the most important 1.3200, is able to negate the daily bearish trend, and push the pair towards a bullish path, 1.3275 as a first goal.
| S1: 1.3080 | R1: 1.3200 |
| S2: 1.3030 | R2: 1.3275 |
| S3: 1.2955 | R3: 1.3330 |
