GBP maintains positive stability 2/8/2022

Positive trading dominated the movements of the pound sterling against the US dollar, as we expected during the previous technical report, touching our first awaited target at 1.2280, recording the highest level at 1.2293.

Technically, we notice the pair’s stability above 1.2200, trying to bypass it in support of the bullish bias. However, with careful consideration of the chart with a 240-minute interval, we find the effect of the bullish technical structure is still valid and effective, accompanied by the pair’s continuation of obtaining positive momentum signals.

Therefore, the resumption of the rise may be the most preferred scenario, targeting 1.2315 as a first target, then 1.2345, and gains may extend later to visit 1.2375 as long as the price is stable intraday above 1.2200 and in general above 1.2175.

Breaking 1.2175 can temporarily stop the bullish bias, and we are witnessing a trading session in the red areas, so the door is open to visit 1.2095.

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: 1.2175	R1: 1.2315
S2: 1.2095	R2: 1.2375
S3: 1.2040	R3: 1.2450