GBP maintains positive stability 13/9/2022

Positive movements dominated the trading of the pound sterling against the US dollar within the expected bullish direction, touching the first target located at 1.1675, and trying to approach the second target at 1.1740, recording the highest level at 1.1710.

On the technical side, the pair’s movements are stable above the strong support floor at 1.1610. Furthermore, we find the simple moving averages that support the continuation of the bullish correction after the pair succeeded in breaching the resistance of the descending price channel.

Therefore, the bullish scenario remains valid and effective, targeting 1.1740, the first target, knowing that its breach increases and accelerates the strength of the bullish trend, so we are waiting for 1.1780 and 1.1820.

Below 1.1610, we witness a bearish bias dominating the pair’s trading, to retest 1.1550, it may extend towards 1.1500 before attempts to rise again.

Note: US inflation data is due out today through CPI, it has a big impact, and we may see price swings.

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: 1.1620	R1: 1.1735
S2: 1.1550	R2: 1.1780
S3: 1.1500	R3: 1.1850