GBP trying to hold onto its gains 15/3/2023

The British Pound took advantage of the US dollar’s decline to achieve noticeable gains within the expected bullish path during the previous technical report, touching the second official target to be achieved at 1.2200, recording the highest at 1.2205.

On the technical side today, we find the Simple Moving Averages trying to push the pair to the upside, and this comes in conjunction with Stochastic’s attempts to get rid of the current negative signs.

From here, and with the stability of daily trading above the support floor of 1.2070, the bullish bias is more likely during today’s trading session, targeting 1.2205 and 1.2240, respectively, and the gains may extend later to visit 1.2275.

Activating the bullish scenario depends on the stability of daily trading above 1.2070, and breaking it would put the pair under strong negative pressure; its initial target is to retest 1.1970.

Note: Today we are awaiting high-impact economic data that affects the US economy, the “Producer Prices Index, US Retail Sales, and the New York State Manufacturing Index,” as well as the United Kingdom’s “Annual Budget Report,” and we may witness a high fluctuation in prices at the time of release.

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: 1.2140	R1: 1.2205
S2: 1.2100	R2: 1.2240
S3: 1.2070	R3: 1.2275