The GBPUSD hits the first extended target - Analysis - 22-09-2023

Economies.com
2023-09-22 04:16AM UTC

The GBPUSD pair traded with clear negativity yesterday to touch our first waited extended target at 1.2255, and returned to test the resistance line formed at 1.2310 after breaking it previously, noticing that stochastic loses its positive momentum clearly, waiting to assist to push the price to resume the main bearish trend, which its next target reaches 1.2200.

 

Therefore, we will continue to suggest the bearish trend for upcoming period conditioned by the price stability below 1.2310, noting that the EMA50 keeps supporting the bearish wave inside the bearish channel that appears on the chart.

 

The expected trading range for today is between 1.2190 support and 1.2350 resistance.

 

The expected trend for today: Bearish

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