GBP: breaks support 30/6/2022

The British pound declined noticeably against the US dollar after confirming the breach of the psychological barrier support floor at 1.2200, recording its lowest level during the previous session, 1.2105.

Technically, on the 240-minute time frame, we find the simple moving averages supporting the bearish price curve after the pair confirmed breaking 1.2200, which is now turning into a resistance level.

Therefore, 1.2085 is the first next target, knowing that breaking it can consolidate the pair’s losses, so we will be waiting for 1.2040, the next station, whose targets may extend later to visit 1.2000 unless we witness a consolidation of the price above 1.2200.

The price’s consolidation above 1.200 leads the pair to regain the bullish path again, to retest 1.2260 and 1.2300, respectively.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2085	R1: 1.2200
S2: 1.2040	R2: 1.2260
S3: 1.1980	R3: 1.2300