Pound Analysis (Daily Time Frame)
As in previous weeks, the Pound continues its strong downward trend against the US Dollar and has now reached the support area at 1.20988, where it has shown a very weak rebound.
Main Scenario: It is expected that this decline will continue, at least moving toward the 1.20394 area. If this level is broken, the next target for the Pound will be the very important 1.18109 level.
Alternative Scenario: If the Pound finds support from the current area or slightly below it at 1.20394 and reverses, it will first face the 1.2305 resistance. If this level is broken, the Pound could move toward the 1.25751 area.
Pound Analysis (4-Hour Time Frame)
Main Scenario: If the Pound rebounds from this area and stabilizes above the 1.23051 resistance, the next target will be the 1.25751 area.
Alternative Scenario: If the Pound continues its downward trend and breaks the 1.20988 support, the next important target will be 1.20394, and if that level is broken, it will move toward the 1.18109 area.
Pound Analysis (15-Minute Time Frame)
Main Scenario: In this time frame, it seems that the Pound is range-bound. In this case, a rebound from the lower boundary of the range is expected, with the first target being 1.22285. If that level is broken, the next target will be 1.22601.
Alternative Scenario: If the above scenario does not occur and the Pound breaks and stabilizes below the 1.21609 support, the next target will be a decline to the 1.21392 area, followed by 1.20988.