Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A bearish tendency dominated the movements of the pound sterling against the US dollar within the expected bearish context during the previous analysis, approaching by a few points from the published target located at the price of 1.2460, recording the lowest price at 1.2475.
Technically, by looking at the 240-minute chart, we notice the clear negativity on the stochastic indicator, which coincides with the clear negative signs on the 14-day momentum indicator on the short time intervals.
From here, we maintain our negative expectations, complementing the second target of the previous analysis 1.2465, and breaking it increases and accelerates the strength of the bearish bias, so we will be waiting for 1.2420 and 12400, respectively, for next price stations as long as the price is stable below 1.2565.
Consolidation above 1.2565 is able to thwart the bearish bias and the pair recovers with an initial target around the extended resistance 1.2630/1.2610.
Warning: Trading on CFDs involves risks, so all scenarios are likely to happen, and what was clarified above is not a recommendation to buy or sell, but rather an illustrative reading of the price movement on the chart.
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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