GBP suffers huge losses 27/9/2023

A strong wave of decline dominates the movements of the pound sterling against the US dollar, as we expected, touching the official targets required to be achieved during the previous analysis, reaching the level of 1.2150, recording its lowest level during the morning trading of today’s session at 1.2141.

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, targeting 1.2115 as a first target, and breaking it increases and accelerates the strength of the downward trend, opening the door towards 1.2090 and 1.2050, waiting stations as long as trading remains stable below 1.2200.

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: 1.2115	R1: 1.2190
S2: 1.2090	R2: 1.2245
S3: 1.2045	R3: 1.2270