GBP: Trying to recover within the bearish trend 31/8/2022

Negative trades dominated the movements of the pound sterling against the US dollar within the official descending path, touching the first target that is required to be achieved in the last analysis at 1.1660, and it is approaching by a few points, the 2nd target at 1.1600, recording a low of 1.1620.

On the technical side, stochastic is trying to obtain bullish momentum accompanied by the appearance of positive signals coming from the RSI over short time frames. However, this contradicts the continuation of the negative pressure from the simple moving averages, which still constitutes a hindrance to the pair.

The daily trend is bearish, but there is a possibility of a limited bullish trend in the coming hours, to touch 1.1750 before retracing, knowing that trading below 1.1610 increases and accelerates the strength of the daily bearish trend, to be waiting for the official target 1.1550 and 1.1500.

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: 1.1610	R1: 1.1750
S2: 1.1545	R2: 1.1830
S3: 1.1470	R3: 1.1890