The Sterling Breaks Support

The British pound managed to achieve our expected bearish targets during the last analysis, during which we targeted 1.3300, recording its lowest level at 1.3299.

On the technical side today, the pound will resume its descending path against the dollar, below 1.3340, the previously broken support that turned into resistance, in addition to the continuation of the negative pressures coming from the simple moving averages.

Therefore, the bearish scenario remains valid, targeting 1.3285 and 1.3260, respectively, considering that the possibility of touching 1.3220 ideas exists during today’s trading.

Rising above the strong resistance 1.3380/1.3370 will stop the suggested bearish scenario, and the pair may temporarily recover to retest 1.3420.

S1: 1.3285	R1: 1.3340
S2: 1.3260	R2: 1.3380
S3: 1.3220	R3: 1.3420