GBP is on a side track 11/1/2023

The pound sterling achieved remarkable gains against the US dollar within the expected positive outlook during the previous analysis, touching the first target at 1.2200, recording its highest level at 1.2210.

Technically, the positive impulse from the simple moving averages supports the possibility of a continuation of the rise, motivated by the clear positive signs on the stochastic in the 4-hour time frame.

With daily trading remaining above 1.2110 support, the bullish scenario remains valid and effective, targeting 1.2200 as the first target, considering that breaching 1.2200 is a catalyst that enhances the chances of visiting 1.2245.

Breaking the support floor at 1.2100, and most importantly 1.2090, will immediately stop the attempts to rise and put the pair under strong negative pressure; its initial target is 1.2065, and then 1.2020.

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: 1.2110	R1: 1.2200
S2: 1.2065	R2: 1.2245
S3: 1.2020	R3: 1.2285