GBP: selling pressure is on 8/9/2023

The pound sterling declined against the US dollar within the general financial outlook in the previous technical report, touching the second target, recording 1.2460, its lowest level at 1.2445.

In our trading, we tend to trade based on the continuation of the intraday exercise stability below the strong resistance at the price of 1.2555, with the continued negative pressure of the small averages that continue to pressure the price from above.

The possibility of resuming the decline still exists, noting that breaking 1.2480 will facilitate the task required to visit 1.2460 and 1.2420, respectively, and losses may extend later towards 1.2460 and 1.2420, then 1.2360 later.

Closing a candle above 1.2565 postpones opportunities but does not cancel them, and we may witness a retest of the main resistance 1.2625, 61.80% correction, before the start of the new beginning of March.

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: 1.2455	R1: 1.2565
S2: 1.2415	R2: 1.2630
S3: 1.2360	R3: 1.2670