GBP starting to press support 7/12/2022

The Sterling pound achieved the first target mentioned in the last analysis at 1.2250, recording its highest level at 1.2270.

Technically, the pair started today its daily dealings by pressing on the previously published support floor at 1.2160, accompanied by clear negative signs on the stochastic on the 4-hour time frame.

We tend to be negative, but with caution, and we prefer to wait for the confirmation of the pair’s breach of the 1.2160 support floor, which puts the price under negative pressure, as we await a visit to 1.2100, the first target, and then 1.2070, respectively.

Only if the pair succeeds in consolidating above 1.2160, in addition to its success in consolidating above 1.2225, may it recover with the first target of 1.2320, and may extend to 1.2360.

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: 1.2070	R1: 1.2225
S2: 1.2020	R2: 1.2320
S3: 1.1930	R3: 1.2370