The Pound Touches The Target And Negative Pressure Remains

The Pound Sterling succeeded in achieving the expected negative outlook during the previous analysis, touching the first retest target of 1.4110, recording a low of 1.4110.

Technically, we find the pair rebounding upwards as a result of touching the support represented by the target, and with careful consideration on the chart, trading is still below the resistance level of 1.4180, and we find the 50-day moving average supporting the daily bearish curve.

Therefore, we maintain our negative expectations, targeting 1.4110, and breaking it will put the price under strong negative pressure at 1.4070, and losses may extend towards 1.4040.

Activating the bearish scenario depends on the stability of trading below 1.4190, and its breach will negate the attempts to retreat, and we may witness a bullish bias targeting 1.4225 and 1.4270, respectively.

S1: 1.4110	R1: 1.4190
S2: 1.4070	R2: 1.4225
S3: 1.4040	R3: 1.4270