GBP building good support 15/11/2022

The technical outlook is unchanged, and the GBP’s movements did not change much, maintaining the bullish context against the US dollar, stable in general above the 1.1700 support level.

On the technical side today, the simple moving averages continue to provide additional incentive to the price and the clear positive crossover signs on stochastic.

Therefore, we tend to be positive, provided that we witness a clear and strong breach of the 1.1800 resistance level, targeting 1.1865 a first target, taking into consideration that a rise above the mentioned level increases and accelerates the strength of the daily bullish trend, so we will be waiting for 1.1890 and then 1.1930 next stations as long as the trading is stable above 1.1700.

Note: Monthly US inflation data is due today in “Product Price Index”, and we may witness clear price fluctuations.

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: 1.1700	R1: 1.1830
S2: 1.1645	R2: 1.1890
S3: 1.1575	R3: 1.1950