GBP waiting for the daily trend 9/8/2022

GBP/USD found a strong resistance level around 1.2120, unable to breach it so far, within fair trading that tilted to the negative.

Technically, on the 4-hour time frame, we notice the continuation of the negative pressure coming from the simple moving averages that press on the price from above, as we find the stochastic indicator cannot get rid of the negative signals and gradually loses the bullish momentum.

We tend to the negativity, but with caution, as the intraday trading remains below 1.2130, and we prefer to confirm breaking 1.2065, to witness a bearish tendency, with its initial target 1.2045, and it may extend later to visit 1.2000.

Consolidation above the resistance level of 1.2130 may postpone the chances of a decline, and we witness a retest of the pivotal resistance level 1.2175, taking into consideration that the breaching up and rising above 1.2175 is a motivating factor that increases the possibility of the pair reaching the level of 1.2230.

Note: The quality of the deal is not 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: 1.2045	R1: 1.2130
S2: 1.2000	R2: 1.2175
S3: 1.1950	R3: 1.2230