GBP/USD -8/11/2022-
• Bearish picture still intact for the pound
• Dovish BOE, recession risks weigh on the sentiment
• Technical picture points towards weaker pound in the period ahead
• Bulls and bears fighting around the resistance line dating back to Feb 2022 highs around 1.36
• As long as bears are able to defend the trend line resistance, they still got the upper hand
• Bulls need to regain 1.164-1.174 levels to turn the odds in their favor
• Next support at 1.114-5 where strong demand was found
• Dovish BOE, recession risks weigh on the sentiment
• Technical picture points towards weaker pound in the period ahead
• Bulls and bears fighting around the resistance line dating back to Feb 2022 highs around 1.36
• As long as bears are able to defend the trend line resistance, they still got the upper hand
• Bulls need to regain 1.164-1.174 levels to turn the odds in their favor
• Next support at 1.114-5 where strong demand was found
Ramzi Abou Abdallah, CFTe, CMT
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