Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading is still controlling the pound’s movements against the US dollar, recording losses during the previous session around 1.2275 after failing to maintain stability above 1.2365.
Technically, by looking at the 240-minute chart, we find that the simple moving averages continue their negative pressure on the price from above and stabilize trading below the previously broken support-into-resistance at 1.2365.
Therefore, the bearish scenario may be the most preferred during today’s session, knowing that trading below 1.2270 facilitates the task required to touch 1.2250 and 1.2225, respectively, and the targets of the downside wave may extend later towards 1.2175.
Only from the top, the stability of trading above 1.2365, and most importantly 1.2385 delays the chances of a decline but does not cancel them. We may witness a temporary recovery, with its initial target of retesting 1.2435.
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: 1.2280 | R1: 1.2385 |
| S2: 1.2225 | R2: 1.2435 |
| S3: |