FX.co ★ August 18, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

Recently, the GBP/USD pair remained under bearish pressure to challenge the new low around 1.2150 again which was bypassed shortly after.

Quick bullish rejection was expressed around 1.1950 bringing the pair back above 1.2150 again towards higher price levels.

Bullish persistence above 1.2300 (when achieved) was needed to enable further bullish continuation towards 1.2550 and probably 1.2650 where further decisions could have been taken.

However, as bullish momentum started to fade away, more bearish visits were expected to challenge the price level of 1.1950.

Significant bullish recovery has been witnessed during the recent bearish dip that took place earlier weeks ago while the pair looked oversold upon approaching these price levels.

This favoured the bullish scenario at least towards 1.2450. However, bearish persistence below 1.2150 was achieved few days ago.

That's why, another bearish visit towards 1.1800 is expected to occur for final retesting.

The price level of 1.1800 stands as an intraday key-level to be watched for determining the next destination of the market based on price action.