GBP looking for additional momentum 12/9/2023

Positive attempts by the pound sterling for limited progress against the US dollar, benefiting from stability above the support level of 1.2665 to retest the psychological barrier resistance level of 1.2500, and the pair is now hovering around 1.2515.

On the technical side today, we find the Stochastic indicator trying to eliminate the momentary negativity and gain additional momentum to push the price higher, in addition to the pair’s attempts to consolidate above the psychological barrier of 1.2500.

We lean towards positivity but with caution, aiming to retest the pivotal resistance 1.2555, knowing that breaching it is a motivating factor that enhances the chances of a direct rise towards 1.2600 and 1.2630, the next stations.

From above, closing at least an hour candle below 1.2500 invalidates the activation of the proposed bullish scenario and places the pair under strong negative pressure with a target of 1.2470 and 1.2430, respectively.

Note: Today we are awaiting highly influential data issued by the British economy, “change in unemployment benefits,” and we may witness high fluctuation in prices at the time of the news’s release.

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: 1.2470	R1: 1.2555
S2: 1.2420	R2: 1.2600
S3: 1.2380	R3: 1.2630