GBP: continues its gradual decline 19/9/2022

As we expected, a strong bearish trend continues to dominate the movements of the pound sterling against the US dollar, touching the official target at 1.1410, heading to visit the second target of 1.1385, recording its lowest level at 1.1350 at the end of last week’s trading.

Today’s technical aspect indicates the possibility of continuing the decline, relying on the pair’s continuing negative pressure from the simple moving averages, accompanied by the stochastic losing the bullish momentum on the 240-minute time frame.

Therefore, resuming the decline remains the most preferred, knowing that the decline below 1.1350 facilitates the task required to visit the next official target 1.1310 as long as the price is stable below 1.1470.

Attempts to consolidate above 1.1470 may postpone the suggested bearish scenario, and the pair may witness a temporary recovery attempt, targeting a retest of 1.1500 and 1.1540, respectively.

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: 1.1340	R1: 1.1470
S2: 1.1280	R2: 1.1540
S3: 1.1210	R3: 1.1600