Relevance up to 17:00 2022-08-12 UTC+00
Recently, the GBP/USD pair remained under bearish pressure to challenge the new low around 1.2150 again which was bypassed shortly after.
Quick bullish rejection was expressed around 1.1950 bringing the pair back above 1.2150 again towards higher price levels.
Bullish persistence above 1.2300 (when achieved) was needed to enable further bullish continuation towards 1.2550 and probably 1.2650 where further decisions could have been taken.
However, as bullish momentum started to fade away, more bearish visits were expected to challenge the price level of 1.1950.
Significant bullish recovery has been witnessed during the recent bearish dip that took place earlier weeks ago while the pair looked oversold upon approaching these price levels.
This favors the bullish scenario at least towards 1.2450 and probably 1.2600 unless bearish persistence below 1.2150 is maintained on a daily basis.
That’s why, the price level of 1.2160 stands as an intraday key-level to be watched for price action.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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