GBP is under selling pressure 24/2/2023

Negative trades dominated the movements of the British pound against its US counterpart, explaining that breaking the support barrier of 1.2020 facilitates the task required to resume the decline towards 1.11975, recording its lowest price at 1.1993.

Today’s technical side indicates the possibility of continuing the decline due to the negative intersection of the simple moving averages that continue to pressure the price from above. This comes in conjunction with the negativity features dominating the stochastic.

Therefore, the downside trend may be the most preferred during the day, knowing that the decline below 1.1980 increases and accelerates the strength of the downside trend, so we are waiting for 1.1900 and 11945 as official targets, respectively.

Only from above, the return of trading stability and the closing of the 4-hour candlestick above 1.2075 stopped the downside path, and the pair begins to recover towards 1.2140/1.2120.

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: 1.1980	R1: 1.2065
S2: 1.1945	R2: 1.2120
S3: 1.1900	R3: 1.2150