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The British pound declined significantly during last Friday’s trading, heading to touch our awaited target during the previous analysis, at 1.3720, to record the lowest price of 1.3700.
On the technical side today, with a closer look at the 240-minute chart, we find that the RSI started to lose its bullish momentum, in addition to the clear negative features on Stochastic.
Therefore, the bearish bias is the most preferred today, targeting 1.3675, the first target, knowing that breaking it will extend the losses of the British pound to make the way open to visit the next station 1.3630.
Only from above, the stability of trading again above the resistance level of 1.3785 negates the bearish scenario, and we may witness a temporary bullish bias that aims to retest 1.3850 before attempts to decline again.
| S1: 1.3675 | R1: 1.3785 |
| S2: 1.3630 | R2: 1.3850 |
| S3: 1.3560 | R3: 1.3895 |
