Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading saw the pound move against the US dollar after a positive session that saw it reach a high around the psychological barrier of 1.3600.
Technical Outlook – 4-Hour Timeframe:
The simple moving averages are forming a resistance level, putting downward pressure on the price due to a bearish crossover. This, coupled with a relatively steep break of an ascending trend line, could strengthen the likelihood of further declines.
Likely Scenario:
As long as the price remains below the 1.3540 resistance level, the bearish bias is more likely for the day, targeting 1.3430 as an initial target. A break below 1.3430 would further accelerate the downward trend toward 1.3380.
Conversely, a return to trading above 1.3570 would renew the chances of a return to the upward trend, targeting 1.3650.
Caution: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios remain possible.
Trading CFDs involves risks, and therefore all scenarios may be plausible. The information provided above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.3430 | R1: 1.3570 |
| S2: 1.3380 | R2: 1.3650 |
| S3: 1.3295 | R3: 1.3710 |
