GBP/USD: technical analysis and trading recommendations_06/17/2022

 
 
 
 
 
 
 
GBP/USD W Chart

As we noted above, today the GBP/USD is falling again, while the dollar and the DXY dollar index resumed growth.

At press time, the GBP/USD is traded near 1.2280, testing for a breakdown of the important short-term support at 1.2290 (EMA200 on the 1-hour chart). In case of its successful breakdown, the GBP/USD will head towards the lower border of the descending channel on the weekly chart and towards the marks of 1.2085, 1.2000.

GBP/USD D Chart

The breakdown of the local minimum of 1.1934, reached earlier this week, will increase the risks of further fall of the GBP/USD.

In an alternative scenario, the GBP/USD will again attempt an upward correction, and the signal that creates the possibility of further growth will be the price fixing above the level of 1.2290, then - above yesterday's high of 1.2405.

In the meantime, short positions on GBP/USD remain preferable.

GBP/USD H1 Chart

Support levels: 1.2290, 1.2200, 1.2165, 1.2100, 1.2085, 1.2000

Resistance levels: 1.2300, 1.2407, 1.2475, 1.2500, 1.2570, 1.2600, 1.2645, 1.2700, 1.2960, 1.3090, 1.3100, 1.3140, 1.3210, 1.3300

Trading recommendations

Sell Stop 1.2250. Stop Loss 1.2370. Take-Profit 1.2200, 1.2165, 1.2100, 1.2085, 1.2000

Buy Stop 1.2370. Stop Loss 1.2250. Take-Profit 1.2407, 1.2475, 1.2500, 1.2570, 1.2600, 1.2645, 1.2700, 1.2960, 1.3090, 1.3100, 1.3140, 1.3210, 1.3300