If looking from an intraday perspective, the Pound remained stable against the US Dollar on Tuesday. The pair did introduce some volatility mid-session, but it ended soon, thus leaving the rate near its Tuesday-morning level.
The 100-hour SMA is once again providing strong support for the Pound today. In case this line is surpassed, the most likely scenario would see the pair accelerating and trying to reach the 200-hour SMA at 1.3660.
On the other hand, a failure to do so is expected to result in a decline. Even though the nearest support is the distant weekly S1 at 1.3417, the Sterling might not fall this low, given its recent attempts surpass the aforementioned SMAs.
Technical indicators still remain bearish, while the pair’s potential during the following days is to the upside.
