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The British Pound suffered heavy losses against its American counterpart. As a reminder, we remained neutral for the moment during the previous technical report, explaining that we are awaiting the confirmation of breaking 1.2675, to target the first station 1.2630, and then 1.2550, recording the pair’s lowest level during the early trading of the current session at 1.2563.
On the technical side, today, the pair achieved a clear and strong breach of the support floor at 1.2630, Fibonacci correction 61.80%, and the negative pressure of the simple moving averages.
From here, with the stability of intraday trading below 1.2630, and, most importantly 1.2670, the bearish direction is the most likely, and we await touching 1.2510, the first target, and then 1.2455, the next waiting station.
Rising again above 1.2675 completely invalidates the activation of the suggested scenario, and the pair recovers directly, to retest 1.2785.
Note: Today we are awaiting economic data from “Jackson Hole Economic Forum”, “Speech by Lagarde, President of the European Central Bank” and “American Consumer Confidence from the University of Michigan”, and we may witness high volatility in prices.
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.
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