Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the pound’s movements against the US dollar, heading to visit the first target published during the last analysis at 1.3570, approaching by a few points from the second target 1.3610, to record the highest level at 1.3600.
On the technical side, the current movements are witnessing a bearish tendency that returned to dominate the pair’s movements as a result of hitting the resistance level of the psychological barrier 1.3600 and gaining the 14-day momentum indicator and a bearish high on the short time intervals.
The most likely scenario is the bearish scenario, and we may witness a retest of 1.3500 and 1.3470, respectively. However, we will monitor the price well if the break of 1.3470 is confirmed. This increases the strength of the bearish bias and raises the possibility of touching 1.3420.
Activating the above-suggested scenario requires daily trading to remain below the 1.3570 resistance level represented by the 61.80% Fibonacci correction.
| S1: 1.3500 | R1: 1.3580 |
| S2: 1.3470 | R2: 1.3630 |
| S3: 1.3420 | R3: 1.3660 |
