GBP: establishes a first support ground 29/9/2022

Good attempts by the pound sterling to reverse the bearish trend and recover against the US dollar, after it succeeded in breaching the resistance level published yesterday at 1.0740, explaining that consolidation above it leads the price to a temporary recovery, targeting 1.0790, recording the highest 1.0916.

On the technical side today, and carefully looking at the 240-minute chart, we find the pair succeeded in the first attempt to establish a support floor around 1.0740 and in general, above 1.0650, as we find attempts to obtain more bullish momentum.

We may witness the completion of the ascending areas, knowing that the general directional movement is still bearish, and we may witness touching 1.1020 as a second ascending target.

Note: the exchange rate is still unstable, and the risks may be high.

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: 1.0645	R1: 1.1020
S2: 1.0410	R2: 1.1160
S3: 1.0270	R3: 1.1395