Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Heavy losses suffered by the pound against the US dollar, bypassing the targeted price stations during the last technical analysis at 1.2765, recording the lowest price at 1.2580.
Technically, by looking at the 4-hour chart, we find the 50-day simple moving average that still supports the bearish price curve and confirms the pair’s breach of the pivotal support level of 1.2710.
Therefore, the bearish scenario may be the most likely today, provided that we witness a clear and strong break of the 1.2570 support level, targeting 1.2515 the first target, knowing that the decline below the mentioned level constitutes a strong negative pressure factor on the pair’s trading, to be waiting for 1.2450 as long as the price is stable daily below 1.2710.
Rising above 1.2710 will postpone the downside chances but not cancel them and lead the pair to recover temporarily, with a target of 1.2830.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.2515 | R1: 1.2710 |
| S2: 1.2450 | R2: 1.2835 |
| S3: |