Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Strong negative trades dominated the pound’s movements against its Japanese counterpart yesterday, touching the second target during the previous trading session at 138.70, posting low at 137.90.
On the technical side, we tend to be negative in our trading, relying on the stability of trading below the resistance of the psychological barrier 140.00, which is accompanied by the continuous negative pressure on the pair from the simple moving averages.
Consequently, the bearish scenario will remain valid and effective targeting 138.00 / 137.90 as the first target, and breaking it will extend the pair’s losses, to be waiting for 136.80.
A reminder that activating the suggested scenario depends on trading remaining below the resistance level 140.00.
| S1: 137.90 | R1: 140.00 |
| S2: 136.80 | R2: 141.10 |
| S3: 135.80 | R3: 142.15 |
