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The British pound incurred significant losses against the US dollar within the expected bearish path during the last analysis, surpassing the official target required to be touched in the previous analysis at 1.2420, recording its lowest level at 1.2262.
Technically and carefully considering the 4-hour chart, we find the pair stable below the psychological barrier of 1.2300, accompanied by the continuation of the negative pressure coming from the simple moving averages and the stability of the 14-day momentum indicator below the mid-line.
Therefore, the possibility of a decline to target 1.2190 next price station, whose bearish targets may extend later towards 1.2100 as long as the price is stable below 1.2440.
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.
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