GBP is retesting support 6/4/2023

After several successive sessions of incline, the British Pound provided limited negativity trading against the US dollar to witness the current movements stabilizing below the psychological barrier of 1.2500.

On the technical side, we find some bearish bias starting to appear on the stochastic, as the pair begins to lose bullish momentum gradually, in addition to the beginning of a decline in bullish momentum over the short time frames.

Confirmation of breaking 1.2420 and consolidating the price below it could lead the pair to retest 1.2390 and 1.2340, respectively, before rising again, knowing that the bearish bias does not contradict the bullish trend, whose targets are located around 1.2600 and 1.2640 once the breach of 1.2550 is confirmed.

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: 1.2420	R1: 1.2550
S2: 1.2390	R2: 1.2605
S3: 1.2340	R3: 1.2680