GBP remains unstable 27/9/2022

GBPUSD achieved its lowest level, around 1.0350, to return within random movements, recording the highest at 1.0930.

On the technical side, the simple moving averages still constitute an obstacle to the pair, preventing it from compensating for losses. As a result, negative features still dominate the stochastic indicator.

Despite the technical factors that support negativity, we prefer neutrality to be in front of one of the following scenarios:

The return of trading stability below 1.0640 extends the pair’s losses, targeting 1.0450 and 1.0350 initially.

Above 1.0860, we may witness an upward correction targeting 1.01030.

Note: Markets are still unstable and we may see random moves.

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: 1.0450	R1: 1.1030
S2: 1.0115	R2: 1.1265
S3: 0.9875	R3: 1.1600