Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominated the pound’s movements against its Japanese counterpart. However, it hit a strong resistance level around 157.70, which forced it to trade with negativity that is still limited so far.
On the technical side, today, and carefully looking at the 60-minute chart, we notice that the 50-day moving average started to pressure the price from above, in addition to the negativity signs that started appearing on the momentum indicator.
Therefore, we may witness a bearish tendency in the coming hours to retest 156.60 before rising again, knowing that the expected bearish tendency does not contradict the daily bullish trend, provided that we confirm the breach of 157.60 to target 158.10 awaited stations.
Note: The level of risk may be high.
Note: CFDs involve risks; all scenarios may occur.
| S1: 156.65 | R1: 157.60 |
| S2: 156.20 | R2: 158.10 |
| S3: 155.70 | R3: 158.55 |
