The Pound Continues to Rise Against The Dollar 12/1/2022

Positive trading dominated the movements of the pound sterling against the US dollar within the expected bullish path during the previous analysis, touching the target of 1.3640, recording the highest 1.3645.

On the technical side, and with the pair’s success in building the support floor of the ascending price channel 1.3500, in addition to breaching the resistance level 1.3560, which has now turned into the 61.80% correction support level.

This encourages us to maintain our positive expectations, completing towards 1.3675, a next target, and breaching it capable of consolidating gains to visit 1.3700 official awaited stations.

From below, the return of stability below 1.3665 will postpone the chances of rising, and we may witness a bearish bias that aims to retest 1.3500 and 1.3480 before attempts to rise again.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.3580	R1: 1.3675
S2: 1.3530	R2: 1.3700
S3: 1.3470	R3: 1.3760