The GBPUSD returns to the bearish channel - Analysis - 22-09-2022

The GBPUSD pair provided clear negative trades yesterday to surpass 1.1300 level and confirms the return to the main bearish channel, and succeeded to touch our extended target at 1.1220 by today’s open, to head towards achieving more expected decline in the upcoming period, paving the way to head towards 1.1100 as a next main target.

Therefore, the bearish trend scenario will remain suggested on the intraday and short term basis unless breaching 1.1295 and holding above it, noting that the pair might witness high volatility today at the time of releasing the rate decision by the BOE, as the expectations show rate hike to 2.25%, which might push the price to attempt to recover.

The expected trading range for today is between 1.1140 support and 1.1320 resistance.

The expected trend for today: Bearish