GBP: facing strong resistance eyes BoE 15/12/2022

The pound sterling was able to touch the first price target to be achieved during the previous trading session at 1.2450, recording its highest level at 1.2448.

Technically, the pair starts the morning trading of the current session on a bearish slope, as a result of the clear negative signs on the stochastic on the 4-hour time frame.

We may witness a bearish tendency in the coming hours, with the aim of retesting 1.2335 as a first target, before continuing the rise again, knowing that rising again above 1.2440 leads the pair to complete the official bullish path, opening the way towards 1.2500, the waiting station.

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.

Note: We are waiting for high-impact economic data today, and we may witness obvious fluctuations at the time of the press release:

Interest rate decision from the Bank of England

Summary of monetary policy from the Bank of England

Monetary policy vote on interest rates from the Bank of England

The interest rate decision of the European Central Bank

European Central Bank monetary policy statement

ECB press conference

US retail sales

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: 1.2335	R1: 1.2440
S2: 1.2285	R2: 1.2500
S3: 1.2230	R3: 1.2550