GBP: Hits The Resistance, Negative Pressure Continues 22/3/2022

The main resistance published in the bullish report yesterday at 1.3200, was able to limit the bullish tendency witnessed by the pound sterling, which forced it to trade with negativity again, approaching by a few points from the required target of 1.3110, recording its lowest level during the early trading of the current session around 1.3120.

Technically, the negative features are still dominating the stochastic indicator and the stability of the intraday trading below the minor resistance 1.3180, which encourages us to maintain our negative expectations, knowing that trading below 1.3110 might facilitate the task required to visit 1.3065 and 1.3030, respectively.

Activating the proposed scenario requires the price to remain below the pivotal resistance 1.3200, and its breach can thwart the proposed scenario, and we are witnessing a retest of 1.3240.

Note: The risk level is high

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: 1.3110	R1: 1.3200
S2: 1.3065	R2: 1.3240
S3: 1.3025	R3: 1.3285