FX.co - GBP/USD update for August 11, 2022 - Potential for the second downside swing to develop

2022-08-11T11:01:33

Relevance until2022-08-12

Technical analysis:

GBP/USD update for August 11, 2022 - Potential for the second downside swing to develop

GBP/UISD has been trading flat today at the price of 1.2204 but I see potential for the second downside swing.

Trading recommendation:

Due to the strong growth yesterday and extreme condition, I see potential for the downside movement.

Watch for potential selling opportunities with the downside objective at the price of 1.2135.

Stochastic oscillator is showing overbought condition and bear cross, which is sign that sellers are taking control.

Key resistance is set at the price of 1.2270

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for August 11, 2022 - Potential for the second downside swing to develop