GBP: negative pressure is in place 1/7/2022

The British pound achieved the first target required to be touched during the previous trading session at 1.2085, recording its lowest price at 1.2090.

Technically, by looking at the 240-minute chart, we notice the clear negative signs on the stochastic that continue to lose momentum. This comes in conjunction with the clear negative signs on the RSI and its stability below its mid-line.

Therefore, the daily bearish trend will remain the most likely today, noting that the decline below 1.2090 increases and accelerates the slide, so we will be waiting for 1.2040 and 1.2000 waiting stations as long as the price is stable below the 1.2220 resistance level.

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: 1.2075	R1: 1.2175
S2: 1.2035	R2: 1.2230
S3: 1.1975	R3: 1.2280