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The British pound is experiencing downward pressure due to the strength of the US dollar, bringing the pound close to testing the 1.2890 support level highlighted in the previous technical report.
On the technical side, the 4-hour chart shows the Stochastic indicator continuing to give negative signals, which is accompanied by the simple moving averages exerting downward pressure on the price.
As a result, there is a potential for a bearish trend during today’s trading session. If the price falls below 1.2890, it could ease the path toward 1.2860 and 1.2840, with further losses potentially extending to 1.2800, the next key level.
Conversely, if the price breaks above and consolidates above 1.2950, this would invalidate the bearish scenario and could lead to a retest of the 1.3000 level.
Warning: Today’s trading session may see high price volatility due to the release of high-impact economic data, including the preliminary readings of the services and manufacturing PMI indices from the Eurozone, the United Kingdom, and the United States, as well as the Canadian interest rate decision and the Bank of Canada’s press conference.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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