Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A noticeable upward push dominated the movements of the pound sterling against the US dollar, benefiting from basing itself on the support floor of the psychological barrier 1.2300, making it clear during yesterday’s session that the price’s consolidation above the resistance of 1.2395, with at least the closing of an hour candle, is capable of stopping the bearish scenario and we are witnessing a retest of 1.2440 recorded. Its highest level is 1.2465.
On the technical side today, we find that the 50-day simple moving average returned to carry the price from below, supporting the possibility of a rise and supporting the stability of intraday trading above the psychological barrier resistance level of 1.2400.
There may be a possibility of resumed upward trend, but only if we witness a clear and strong breach of the 1.2500 level, which will open the way directly towards 1.2550 and 1.2630 later.
From below, sneaking below 1.2395, and most importantly 1.2370, will lead the pair to the official bearish path again, targeting 1.2280 and 1.2230.
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