GBP: advancing against dollar 14/12/2022

Positive trades dominated the movements GBPUSD after it succeeded in attacking the resistance level of the psychological barrier 1.2300, to which we indicated during the previous analysis that its breach is a catalyst that enhances the chances of touching 1.2400, for the pound to record its highest level against the US dollar at 1.2450.

Technically, by looking at the 4-hour chart, we note that the pair continued to receive a positive impulse from the simple moving averages that continue to hold the price from below, stimulated by the stability of the momentum indicator above the mid-line 50.

With the stability of intraday trading above the previously breached resistance 1.2300, the bullish scenario remains valid and effective, targeting 1.2450, knowing that consolidation above the aforementioned level extends the pair’s gains, so we are waiting to touch 1.2540 as the next station, as long as trading is stable above 1.2300.

Note: Today we are awaiting high-impact economic data from the United States of America, and we may witness high volatility:

Fed interest rates

Fed statement

Fed press conference

Economic forecasts

Consumer prices “annualized” from the UK

Note: Trading on CFDs involves risks and therefore scenarios may be possible. What was explained above is not a recommendation to buy or sell, but rather an illustrative reading of the price movement on the chart.

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: 1.2255	R1: 1.2450
S2: 1.2160	R2: 1.2545
S3: 1.2060	R3: 1.2645