GBP: Negative pressure remains 28/9/2023

The British pound achieved the desired target during the previous trading session at 1.2115, recording its lowest level at 1.2110.

On the technical side, by looking at the 240-minute time frame chart, we find the pair stable below the support of the psychological barrier 1.2200, and the simple moving averages are still an obstacle for the pair.

Therefore, we maintain our negative expectations provided that we witness a clear and strong break of the 1.2110 support floor, and this may make the task required to visit 1.2080 a first target and then 1.2050 easier.

From the top, the jump to the upside and the price consolidation above 1.2160 postpones the chances of a decline and leads the pair to retest 1.2200/1.2190.

Note: Today we are awaiting high-impact economic data issued by the American economy, the final reading of the gross domestic product and Federal Reserve Chairman Jerome Powell speech, and we may witness high 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: 1.2160
S2: 1.2080	R2: 1.2190
S3: 1.2050	R3: 1.2220