Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound achieved all the bullish targets published during the previous report, reaching the official target station at 1.3110.
On the technical side today, with the continuation of positive stability above the 50-day simple moving average, in addition to the pair’s ability to confirm the breach of 1.3070.
From here, steadily trading above the previously breached resistance, which is currently converted to the support level of 1.3070, which encourages us to keep our positive expectation, knowing that the price’s consolidation above 1.3130 is a catalyst that extends the gains, so we are waiting to touch 1.3180 & 1.3230, and the gains may extend later towards 1.3280.
Trading stability below 1.3070 and the closing of an hourly candle at least postpones the chances of a rise, but does not cancel it, and we may witness a re-test of 1.3020 before attempts to rebound again.
Note: Today we are awaiting high-impact economic data issued by the US economy “retail sales” and from Canada, we await the “consumer price index” and we may witness high volatility at the time of the news release.
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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