GBP takes heavy hits from the USD 15/6/2022

A sharp decline in the British pound against the US dollar within the expected bearish trend during the last report, exceeding the official target station at 1.2100, recording its lowest level at 1.1934.

Technically, on the 4-hour time frame, the positivity signs started appearing on the stochastic, trying to get additional momentum; this comes in conjunction with the momentum indicator getting positive signs on the 60-minute time frame.

Therefore, with intraday trading remaining above 1.1970, we believe there is a possibility of a limited bullish bounce in the coming hours, targeting a retest of 1.2110 initially before returning to the decline again.

The breach below 1.1960 is leading the pair to the primary bearish path so we will be waiting for the next 1.1900 official station.

Note: The risk level may be high.

Note: the markets are waiting for important data that could lead to volatility; US Retail Sales, Interest Rate, Federal Reserve Statement & Press Conference

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: 1.1900	R1: 1.2175
S2: 1.1780	R2: 1.2330
S3: 1.1630	R3: 1.2450