GBP is falling again 7/9/2022

A noticeable decline dominated the movements of the pound sterling against the US dollar after it found a strong level there around the psychological barrier of 1.1600, which forced it to retreat intensely to retest the 1.1470 support level, recording its lowest level during the early trading of the current session 1.1452.

Technically, with the regular movement within the bearish price channel’s axes accompanied by the negative pressure coming from the 50-day simple moving average, in addition to the clear negativity on the momentum indicator and its gradual loss of the bullish momentum.

From here and steadily trading 1.1510 and most importantly, 1.1560, the bearish trend is most likely, targeting 1.1410, knowing that breaking it increases the strength of the daily bearish trend, opening the door achieve more losses, to be waiting for 1.1350 initially.

Note: We are awaiting the “monetary policy report hearing” before the Treasury Committee of the British Parliament, and it has a high impact, and we may witness 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: 1.1410	R1: 1.1565
S2: 1.1350	R2: 1.1670
S3: 1.1250	R3: 1.1730