Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Slight declines witnessed the movements of the pound sterling against the US dollar yesterday, recording its lowest level during the first trading of this week at 1.1780.
On the technical side, the current movements are witnessing a limited bullish bias due to some momentum signals from the 14-day momentum indicator. However, the simple moving average is still pressuring the price from above, in addition to the clear negativity signs on the stochastic.
We tend to the downside, but with caution, knowing that breaking 1.1780 facilitates the task required to retest the strong demand area at 1.1730.
Only from above, bypassing upwards and rising again above 1.1910, can thwart the suggested scenario, and the pair recovers temporarily, with an initial target of 1.1960.
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: 1.1790 | R1: 1.1910 |
| S2: 1.1725 | R2: 1.1960 |
| S3: 1.1670 | R3: |