Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, the British pound achieved strong gains against the US dollar within the bullish context, touching the official target required for yesterday’s session at 1.1330, recording its highest level at 1.1343.
On the technical side today, the pair succeeded in breaching the 1.1180 resistance level, now turning it into a support level, and we find the 50-day SMA that presents a positive stimulus, in addition to the continuation of the effect of the positive pattern shown on the chart.
Therefore, the possibility of continuing the rise is still valid and effective, targeting 1.1410/1.1400, a first target, knowing that the consolidation above the mentioned level enhances the chances of continuing the corrective ascent, so we are waiting for the next 1.1500 station as long as the daily trading is stable above 1.1180.
Below 1.1180 puts the price under negative pressure, targeting 1.1150 and 1.1100, and in general, we continue to suggest the corrective rise against the dollar as long as trading is stable above 1.1000.
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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