Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Sterling achieved remarkable gains against its American counterpart, surpassing the official targets required during the previous analysis at 1.2120 to record its highest level during the current session’s trading at 1.2340.
Technically, the bullish trend is still the most likely, depending on the positive impulse of the simple moving averages that continue to hold the price from below, in addition to confirming the pair’s breach of the psychological barrier resistance of 1.2200, which has now turned into a support level.
Therefore, the bullish scenario remains the most favorable during the day, targeting 1.2410 as the first target, knowing that its breach enhances the chances of rising towards 1.2480 initially.
From below, the return of trading stability, and price stability below 1.2200, indicate chances of an upside, and we are witnessing a bearish tendency, which aims to retest 1.2070.
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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