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The British pound reached the official target at 164.65, surpassing the target to record its highest level of 165.75.
Technically, we tend to the positivity, relying on the pair’s success in stabilizing above 163.65, accompanied by obtaining a positive stimulus from the 50-day simple moving average, which returned to hold the price from below, in addition to the clear positive signs on the RSI and its stability above the mid-line 50.
Therefore, we may witness attempts to resume the rise in the coming hours, targeting 165.00, taking into consideration that its breach is a catalyst that enhances the chances of rising to visit 166.00, and gains may extend later to visit 166.90 as long as the price is stable above 163.60.
The return of trading stability below the support above puts the price under strong negative pressure, aiming to retest 161.20.
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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