GBP continues to creep negative 26/9/2023

As we expected, the British pound continues its negative creep against the US dollar within the general bearish trend, heading to touch the first target to be achieved at the price of 1.2230, recording its lowest level at 1.2197.

On the technical side, by looking at the 240-minute time frame chart, we find the pair stable momentarily below 1.2240, the previously broken support, and regular work within the bearish price channel, as shown on the chart.

Therefore, we maintain our negative outlook, targeting 1.2175 as a first target, and breaking it increases and accelerates the strength of the downward trend, opening the door directly towards 1.2150 and 1.2120, waiting stations. We generally favor the overall downward trend unless we witness trading above 1.2320.

Note: Today we are awaiting highly sensitive economic data issued by the US economy, “Consumer Confidence,” and we may witness high volatility when the news is released.

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: 1.2175	R1: 1.2240
S2: 1.2150	R2: 1.2280
S3: 1.2115	R3: 1.2320