GBP trying to bounce back 11/4/2022

The British pound recorded a noticeable decline against the US dollar, as we expected, touching the target at 1.2975, to record its lowest level at 1.2980.

Technically, we find the pair building on the solid support, and we notice the positive attempts of stochastic that are trying to push the pair to the upside, in addition to the stability of the intraday trading above 1.3000.

Therefore, we may witness attempts to retest the previously broken support-into-resistance level around 1.3085/1.3080, before attempts to descend again.

The return of daily stability below 1.3000 is leading the pair to the official bearish track, and we await the target around 1.2930.

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: 1.2975	R1: 1.3085
S2: 1.2930	R2: 1.3140
S3: 1.2875	R3: 1.3175