The GBP/SEK pair has experienced repeated negative closings, emphasizing its commitment to the bearish bias previously suggested. Notably, the pair has fallen below the additional barrier at 13.5250, further confirming its bearish outlook. The latest movements saw the pair testing the 13.2960 level.
A crucial point of note is that the stochastic indicator has been attempting to provide negative momentum, which raises the likelihood of breaching the additional support at 13.2300. If this level is broken, it would pave the way for the continuation of the bearish trend.
The initial target for this bearish movement is the 13.1480 level, with potential for further decline toward the 50% Fibonacci correction level at 13.0100.
To summarize, the GBP/SEK pair remains within a bearish trend, with a projected trading range between 13.3620 as resistance and 13.2300 as support for the day.