GBP: retested support 21/6/2022

Positive attempts started to control the movements of the pound sterling against the US dollar, to begin trading today on an upward bias, but still a limited upward bias, building on stability above 1.2200.

Technically, by looking at the 4-hour chart, we find a bullish technical formation that is trying to push the price to the upside, and we find the RSI providing positive signals on the short time frames.

With daily trading above 1.2200, the bullish scenario is most likely today, targeting 1.2370, taking into account that a breach to the upside of the mentioned level will extend the pair’s gains, so we are waiting for 1.2460 to touch the next official station as long as trading is stable above 1.2200.

The return of trading stability again below the psychological barrier 1.2200 support floor negates the activation of the proposed scenario entirely and puts the pair under negative pressure to target 1.2080.

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: 1.2370
S2: 1.2080	R2: 1.2465
S3: 1.1980	R3: 1.2560