The Pound made two notable jumps against the US Dollar on Tuesday. Their effect, however, was not long, as a movement in the opposite direction followed immediately after. As a result, the Sterling had returned to its opening level by Tuesday evening.
Being located below all three SMAs points to further decline. This fall is likely to occur, especially if the 100-period (4H) SMA, tested at 1.3360 at the time of this analysis, surrenders. The most probable downside targets for today is the psychological 1.33 level or 1.3250.
Meanwhile, fundamentals today may activate bulls that could push the rate for the monthly PP. Given the strong resistance area circa 1.34, the Sterling could lack strength to edge higher past the monthly PP.
