GBP tries to maintain gains 7/11/2022

The British pound achieved the expected positive outlook of ​​retesting the resistance at 1.1280, recording its highest level during last week’s trading at 1.1380.

On the technical side, and carefully considering the 4-hour chart, the pair established a strong support floor around 1.1200, accompanied by the momentum indicator’s attempt to show positive signs.

We tend to be positive, but cautiously, with stable trading above 1.1280 and most importantly 1.1250, knowing that skipping up and rising above 1.1380 is a prerequisite to continue rising towards 1.1420 and 1.1480 next official stations.

Sneaking below 1.1250 puts the pair under strong negative pressure, and we are waiting to touch 1.1190 before determining the next price destination.

Note: The risk level may be high.

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: 1.1190	R1: 1.1420
S2: 1.1060	R2: 1.1515
S3: 1.0960	R3: 1.1650