Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound was able to achieve noticeable gains yesterday within the positive technical outlook expected during the technical report issued last Friday, touching the first target of 1.2570, recording its highest level of 1.2570.
On the technical side today, we notice that the pair continues to receive positive motivation from the 50-day simple moving average, which supports the possibility of continuing the rise, in addition to trading stability above the previously breached resistance level that was converted into a support level around the psychological barrier of 1.2500.
Despite the technical factors in favor of the rise, we believe that there is an opportunity to present some negative trades during the coming hours with the aim of retesting 1.2500 before resuming the rise again, knowing that the bearish tendency does not contradict the daily upward trend, whose targets are located around 1.2660 and 1.2665 once it rises. Resistance 1.2580 is being breached.
Warning: Today we are awaiting high-impact economic data issued by the American economy, “Employment Cost Index, Consumer Confidence Index,” and we may witness high fluctuation in prices at the time of the news release.
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