GBP is getting positive triggers that need to be confirmed 25/8/2022

The British pound succeeded in touching the first required target at 1.1770, recording its lowest level in the previous trading session at 1.1756, finding a support floor there that forced it to rebound to the upside, and it is now hovering around the pivotal resistance level 1.1840.

Technically, the simple moving average is trying to motivate the price to have a bullish bias during the upcoming hours. In addition, we find that the 14-day momentum indicator is getting positive momentum signals.

Despite the technical factors supporting the possibility of a bullish bias, we prefer to witness confirmation of the breach of 1.1835/1.1830, which might enhance the chances of a rise towards 1.1860 and 1.1890 initially.

The return of the stability of trading again below 1.1770 will immediately stop the possible bullish idea and lead the pair to the official descending path with an initial target of 1.1720. It will extend later to visit 1.1685.

Note: The Jackson Hole Economic Forum is taking place today, it has a significant impact on the markets, and we may see random moves.

Note: The preliminary reading of the US quarterly GDP is due, and price volatility may be 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: 1.1770	R1: 1.1855
S2: 1.1720	R2: 1.1890
S3: 1.1685	R3: 1.1945