GBP: negative pressure remains 23/12/2022

A negative trading session dominated the performance of the pound sterling against the US dollar due to the collision with the resistance level of 1.2150, which forced the pair to trade negatively, as the current movements of the pair witnessed stability below 1.2100.

On the technical side, we notice the continuation of the negative pressure coming from the 50-day simple moving average and the declining momentum on the 240-minute time frame.

We may witness a negative trading session, provided that we witness a clear and strong break of the 1.1980 support level, and that will facilitate the task required to visit 1.1950 and 1.1910, respectively.

Only from the top, to go up and rise again above 1.2150, leading the pair to the bullish track, with an initial target of 1.2225, and the gains may extend later to visit 1.2290.

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: 1.1980	R1: 1.2140
S2: 1.1905	R2: 1.2225
S3: 1.1820	R3: 1.2300