GBP is the biggest loser against USD 8/8/2022

We adhered to intraday neutrality during the report issued last Friday due to the conflicting technical signals, explaining that activating the short positions is confirmed by breaking the 1.2065 failure level to target 1.2000. The British pound recorded its lowest level during the previous session 1.2000.

Technically, and by looking at the 4-hour chart, we find the simple moving averages continue to pressure the price from above, in addition to the intraday stability and stability of the price below the resistance level of 1.2110 and in general below 1.2175.

Therefore, the bearish bias may be the most likely scenario today, targeting 1.2000, considering that breaking 1.1995 increases and accelerates the strength of the bearish trend, opening the door to visit 1.1920 as long as the price is stable below 1.2175.

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: 1.1995	R1: 1.2175
S2: 1.1915	R2: 1.2250
S3: 1.1830	R3: 1.230