Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominated the movements of the British pound against its American counterpart after it managed to breach the resistance level of 1.2940, recording its highest level during today’s morning trading at 1.2970.
On the technical side, with regular movement inside the bullish channel shown on the 4-hour chart, in addition to the price’s stability above the 50-day simple moving average.
This encourages us to maintain our positive outlook, knowing that the price’s consolidation above the resistance of the psychological barrier of 1.3000 is a motivating factor that extends the gains, to be waiting for touching 1.3040 and 1.3080, respectively, and the gains may extend later towards 1.3110.
As a reminder, the return of trading stability below 1.2880 postpones the chances of rising but does not cancel them, and we may witness a re-test of 1.2840 and 1.2820 before attempts to rebound again.
Note: Today we are waiting for high-impact economic data issued by the US economy, “US inflation data, consumer price index”
From Canada, we are waiting for “the Bank of Canada interest statement, Canadian interest rates and the Bank of Canada press conference”
From England, we are waiting for “the speech of the Governor of the Bank of England” and the report issued by the International Energy Agency on oil stocks. We may witness high volatility at the time of issuance of the news.
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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