Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The GBP/USD pair displayed a minor bullish trend toward the end of last week’s trading, attempting to breach the psychological resistance level of 1.2600 but failing to overcome it, with a recorded high of 1.2595.
Technical Analysis:
- The pair remains stable below the critical resistance level of 1.2600, which it has yet to break.
- Negative signals persist from the Stochastic indicator, complemented by a bearish technical pattern on the 4-hour chart.
Expected Scenarios:
Bearish Scenario (Preferred):
- A strong and decisive break below the support level of 1.2530 would confirm the continuation of the bearish trend.
- Downside targets include 1.2475, with further declines potentially extending to 1.2440.
Bullish Scenario (Alternative):
The pair could then aim for upside targets at 1.2650 and 1.2700.
Stability above the 1.2600 resistance would invalidate the bearish outlook.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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