GBP is looking for more upside 3/4/2023

Positive trades dominated the movements of the British pound against its US counterpart within the expected bullish path during the last analysis, surpassing the official target station at 1.2390 and recording its highest level at 1.2423.

On the technical side today, we tend to be positive in our trading, relying on the stability of intraday trading above the support level of 1.2320 and in general above the pivotal support floor, which represents the key to protecting the bullish trend 1.2270, accompanied by the positive impulse of the 50-day simple moving average.

Therefore, we hold onto our positive outlook, provided that we witness a clear and strong breach of the psychological barrier 1.2400, targeting 1.2480 and 1.2530, following official stations that may extend later towards 1.2605.

Stability below 1.2270 leads the pair to trade with temporary negativity, aiming to retest 1.2220 & 1.2180.

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: 1.2280	R1: 1.2405
S2: 1.2220	R2: 1.2480
S3: 1.2150	R3: 1.2530