Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, the British pound incurred heavy losses yesterday within the negative outlook, touching the official target station located at 1.3630, recording the lowest price of 1.3640.
On the technical side today, by looking at the 4-hour chart, we notice the stability of trading below the previously broken support-into-resistance level, at 1.3700/1.3710, and we also find the 50-day moving average.
This encourages us to maintain our negative outlook, knowing that trading below 1.3640 facilitates the task required to visit 1.3575, then 1.3510.
On the upside, the return of the stability of trading again above 1.3740 can thwart the bearish scenario completely, and the pair recovers to retest 1.3800.
| S1: 1.3625 | R1: 1.3740 |
| S2: 1.3575 | R2: 1.3800 |
| S3: 1.3510 | R3: 1.3850 |
