19.08.202212:17 Forex Analysis & Reviews: Technical analysis of GBP/USD for August 19, 2022

GBP/USD : The bias remains bearish in the nearest term testing 1.1800 or lower. Immediate support is seen around 1.1800.

A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.1800, because in general, we remain bearish on August 19h, 2022.

The GBP/USD pair continues moving downwards from the level of 1.1921 this morning. Today, the first resistance level is currently seen at 1.1921, the price is moving in a bearish channel now.

The market moved from its top at 1.2056 and continued to drop towards the top of 1.2056. Today, on the one-hour chart, the current fall will remain within a framework of correction.

If the trend breaks the double bottom level of 1.1850, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.1800 in order to test the weekly support 1.

So, the support stands at the level of 1.1850, while daily resistance is found at 1.1921. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.1921.

However, if the pair fails to pass through the level of 1.1921 (first resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.1921 (the level of 1.1921 coincides with tha ratio of 00% Fibonacci retracement, bottom price, last bearish wave).

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.1921 with the first target at 1.1800 and continue towards 1.1750 so as to test the second support at the same time frame.

According to the previous events the price is expected to remain between 1.1921 and 1.1750 levels. Sell-deals are recommended below the price of 1.1921 with the first target seen at 1.1850. The movement is likely to resume to the point 1.1800. The descending movement is likely to begin from the level 1.1850 with 1.1800 and 1.1750 seen as new targets in coing hours.

This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1750 in order to test the second support (1.1750).

On the other hand, if the GBP/USD pair fails to break through the weekly pivot point level of 1.2056 today, the market will move upwards continuing the development of the bullish trend to the level 1.2275 (double top) for next month.