FX.co ★ August 29, 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 1.1850-1.1900 which has prevented further bearish decline for sometime.

However, as bullish momentum started to fade away, more bearish visits were expected to challenge this new Low.

The price level of 1.1670 is the nearest key-level to be visited if the current bearish momentum persists. It should be watched for determining the next destination of the market based on price action.

Please note that Significant bullish recovery has been witnessed during the recent bearish dip that took place few weeks ago. However, price action around the price levels of 1.1670 (123% Fibonacci Extension) will be the determinant of the upcoming movement.