The pound is Losing Momentum

The pound continues its bearish bias against the US dollar within the expected bearish path during the previous analysis, in which we relied on confirming a break of 1.3100, pointing out that this facilitates the required mission of 1.3000, so that the pair continues to the downside.

On the technical side, trading remaining below the aforementioned level enhances the chances of a reversal, as we find the simple moving averages continue to pressure the price, accompanied by the clear negative signs on the stochastic indicator.

Therefore, the bearish bias is likely today, continuing towards the same target of the previous analysis 1.3000, and we should pay close attention that confirming the break of 1.2980 / 1.2975 will extend the pair’s losses, so that we will be waiting for a re-test of 1.2910.

A reminder that the return of trading stability again above the 1.3110 / 1.3120 resistance will negate the activation of the bearish tendency immediately and lead the pair to the upside path again with initial targets at 1.3190 and may extend to 1.3220.

S1: 1.3015	R1: 1.3120
S2: 1.2975	R2: 1.3190
S3: 1.2910	R3: 1.3230