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The British pound successfully met the bearish targets set for the previous trading session, reaching the first target at 1.2575. Presently, ongoing movements indicate a stabilization around the second target, notably at its lower end, currently situated at 1.2545 in the early hours of today’s session.
From a technical perspective, our trading inclination today leans towards negativity, emphasizing the importance of intraday stability below the 1.2575 level and, more broadly, beneath the psychological resistance barrier at 1.2600. Additionally, the pair continues to grapple with negative pressure from the simple moving averages.
Consequently, the bearish scenario retains its prominence for the day, with the next target set at 1.2500. A breach of this level would introduce a negative pressure factor, paving the way towards 1.2460.
On the upside, the temporary postponement of the bearish scenario necessitates price consolidation above 1.2600. Such a development would prompt a retest of 1.2650 initially, providing a gauge for the determination of the subsequent price direction.
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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