GBP having a hard time rising 8/2/2023

The pound sterling achieved the first bearish target required to be touched during the previous trading session at 1.1965, recording its lowest level at 1.1960, to repeat the chances of an ascension during the Federal Reserve Chairman’s speech.

On the technical side today, we find signs of negativity still dominating the stochastic indicator, motivated by the clear negative signs on the RSI and its stability below the mid-line of 50.

We tend to keep our negative expectations, provided that we witness price stability again below the support floor of the psychological barrier 1.2000, which leads the pair to resume the bearish technical path, with an initial target of 1.1975, and then 1.1900 as a next station, as long as daily trading is stable below 1.2080, and most importantly 1.2100.

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: 1.1975	R1: 1.2115
S2: 1.1900	R2: 1.2175
S3: 1.1845	R3: 1.2250