Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling exhibited a downward trend against the US dollar, unable to sustain itself above the significant psychological resistance barrier of 1.2700.
In today’s technical analysis, negative signals are emanating from the Momentum Index, accompanied by sustained negative pressure from the simple moving averages.
With the current stability in trading below the previously breached support, now transformed into the resistance level at 1.2720, our outlook maintains a pessimistic stance. The initial downside target is set at 1.2630, and a breach of this level would extend the pair’s losses, with the subsequent focus on 1.2590 as the next official station.
Conversely, should the price consolidate above 1.2720, it would pave the way for a potential upward trajectory. In such a scenario, targets are set at 1.2770 and 1.2830.
Warning: The risk level is considered high. Caution is advised in light of the ongoing market conditions, and prudent risk management is recommended.
A cautionary note is warranted as the risk level is deemed high, underscoring the importance of vigilance in the current market conditions.
| S1: |