GBP keeps climbing gradually 12/1/2023

The technical outlook remains unchanged, and there was no significant change in the movements of the pound sterling against the US dollar, maintaining positive stability with a gradual rise to the upside.

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 intact, 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: Today, markets are awaiting US inflation (consumer price index) data, which may lead to price volatility.

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