Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive attempts witnessed the movements of the pound sterling against the US dollar to retest the psychological barrier 1.3600, benefiting from the support level of 1.3530.
On the technical side today, and by looking at the 240-minute chart, we notice the stochastic losing the bullish momentum, in addition to the stability of the intraday trading below the 1.3600 resistance level.
We believe that the bearish trend is still valid, targeting 1.3530. It should be noted that breaking the mentioned level puts the pair under strong negative pressure, forcing it to head to 1.3480.
Rising above 1.3645 will negate the suggested bearish scenario, and we may witness an ascending path whose initial target is around 1.3720/1.3695.
| S1: 1.3535 | R1: 1.3645 |
| S2: 1.3480 | R2: 1.3695 |
| S3: 1.3420 | R3: 1.3750 |
