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GBP/USD Price research indicates a probable fall to 1.2100

Alina Haynes

Aug 03, 2022 14:56

 截屏2022-08-03 上午9.47.53.png

 

The GBP/USD pair has retraced close to 1.2140 after giving up the critical support level of 1.2180 on Tuesday. After failing to recapture monthly highs above 1.2293 on Tuesday, the cable saw a strong sell-off. Given that investors have backed the risk-aversion impulse as a result of escalating US-China tensions over Taiwan, it is anticipated that a corrective movement would increase.

 

On a four-hour time frame, the cable is bidding in a Rising Channel configuration that favors the north side overall but undergoes many nice corrections along the way up. The upper portion of the previously described chart pattern is derived from the July 13 high of 1.1968, while the lower portion is drawn from the July 14 low of 1.1760.

 

The asset has abandoned the 20-period Exponential Moving Average (EMA) at 1.2190, while the 50-period EMA at 1.2129 remains intact but is likely to be challenged sooner.

 

The Relative Strength Index (RSI) (14) has dropped into the 40.00–60.00 range, indicating that gold prices' bullish momentum has paused.

 

If there is a modest decrease toward 1.2150, market participants will be able to sell at a discount. The wire will be tugged in this direction, nearing the round-number support level at 1.2100. By breaking clearly below 1.2100, the dollar bulls will be extinguished, and the cable will continue to fall until it reaches a low of 1.2063 on July 29.

 

If the asset crosses over the 20-EMA at 1.2190, though, the cable may initiate a fresh bullish impulsive wave. If this occurs, the asset will increase to its high from July 29, which was 1.2246, before reaching its monthly high of 1.2294.


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