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GBPUSD, Technical Analysis

8/22/2022 11:23 AM

Against the background of the growth of the American currency, the GBP/USD pair is correcting around ​​1.1826.

On the daily chart of the asset, the price is falling within the long-term channel with dynamic boundaries of 1.1400–1.2140, preparing to test the year's low at 1.1741.

The four-hour chart shows that the year's low coincides with the initial trend of 61.8% on the Fibonacci extension (1.1741), and in the case of consolidation below it, the downward movement may continue and reach the basic trend of 100.0% on the Fibonacci extension around 1.1400, which corresponds to the support line of the downward channel.

Technical indicators confirm the high probability of a downward trend and keep a sell signal: indicator Alligator's EMA oscillation range expands downwards, and the AO oscillator histogram forms downward bars in the sell zone.

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