FX.co ★ August 19, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

Previously, the GBP/USD pair remained under bearish pressure to challenge the lower limit of the channel around 1.3000 which failed to hold prices above.

Shortly after, a new daily low was established around 1.2150 which was bypassed few days after.

However, considerable support zone existed around 1.1950 which brought the pair back above 1.2150 again few times before.

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.

Please note that Significant bullish recovery has been witnessed during the recent bearish dip that took place few weeks ago while the pair looked oversold.

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.