Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the last session, the British pound jumped against its Japanese counterpart, within the expected positive outlook during the previous analysis, touching the required target at 161.45, recording its highest level at 161.97.
On the technical side today, the pair’s pivot above the support level of 160.50 supports the continuation of the rise and the positive motive led by the simple moving averages that continue to hold the price from below.
Therefore, the bullish bias is most likely during the day, targeting 162.10 as the first target, considering that consolidation above the mentioned level extends the pair’s gains. We will be waiting for 162.85 next station.
Activating the suggested bullish scenario depends on the stability of daily trading above the 160.50 support level, and breaking it will immediately stop the attempts to rise and put the pair under negative pressure to retest 159.60 before attempts to rise again.
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.
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