GBP pressing support 23/2/2023

The pound achieved the view of retesting the required support during the previous technical report, approaching the required target of 1.2020 by a few pips to settle for recording yesterday’s lowest price at 1.2035.

On the technical side today, despite the technical factors that indicate the possibility of continuing the decline as a result of the pair continuing to obtain negative signals from the stochastic indicator indicating a decline in momentum, in addition to the stability of the relative strength index for 14 days below the mid-line 50, but we prefer to witness a break of 1.2020. This is because it facilitates the task required to visit 1.1975 first targets and then 1.1920.

Trading stability again above 1.2110 cancel the suggested scenario, and the pair recovers again, with the first target of 1.2140, and its gains may extend later towards 1.2175.

Note: Today, we are awaiting quarterly the preliminary reading of the gross domestic product in the US, and we may witness a high fluctuation in prices at the time of the 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: 1.2020	R1: 1.2120
S2: 1.1975	R2: 1.2180
S3: 1.1920	R3: 1.2230