Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The 1.2500 level formed a strong resistance that managed to limit the bullish bias of the pound sterling against the US dollar, which forced the pair to trade negatively, to retest the main support for the current trading levels at 1.2380.
On the technical side today, by looking at the 240-minute chart, we find that the pair is trying to consolidate above the aforementioned support floor, as we find that the stochastic started to gain positive momentum that may push the pair to the upside.
We tend to be positive, and be cautious, targeting 1.2500, knowing that breaching it is a catalyst that increases the possibility of touching 1.2565 as a next stop.
It should be noted that trading remains above 1.2370/1.2365 is a condition for maintaining positive stability, and breaking it will immediately stop the suggested scenario, and we will witness a negative trading session at 1.2305.
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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