GBP touches target and positivity remains 9/12/2022

The pound sterling achieved the bullish target that should be touched during the previous report at 1.2245, recording its highest level during the morning trading of today’s session at 1.2277.

On the technical side, the pair established a decent support base near 1.2190, and the current movements are witnessing attempts to stabilize above the resistance level of 1.2240, we find the simple moving average continues to support the daily bullish price curve.

Therefore, resuming the rise may be the most likely scenario during today’s session, continuing towards the rest of the previous report’s targets 1.2310/1.2315, and then 1.2360, the next station, unless we witness trading bases below 1.2190.

A decline below 1.2170 puts the price under negative pressure to retest 1.2110.

Note: Today we are awaiting high-impact data issued by the US economy, “the monthly producer price index and the initial reading of consumer confidence,” and we may witness high volatility in prices.

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: 1.2190	R1: 1.2315
S2: 1.2110	R2: 1.2360
S3: 1.2070	R3: 1.2435