Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trading dominated the pound’s movements against its Japanese counterpart, in a bullish direction, after finding a good support floor near the 155.00 level.
On the technical side, we noticed that the stochastic indicator reached overbought areas and gradually lost the bullish momentum. We find the 50-day moving average as an obstacle that may prevent the pair from achieving further rise.
Therefore, intraday trading remaining below 156.40/156.10 encourages us to maintain our negative expectations, knowing that the return of trading stability below 155.40 facilitates the task required to visit 155.10 and then 154.40 next station.
| S1: 155.10 | R1: 156.40 |
| S2: 154.40 | R2: 157.00 |
| S3: 153.80 | R3: 157.70 |
