Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound successfully reached the initial upward target outlined in the previous technical report, hitting 1.2763, following a temporary stabilization above the psychological resistance level of 1.2700.
In today’s technical analysis, we maintain a positive outlook for trading, supported by the 50-day simple moving average and the pair’s ability to remain above the psychological resistance at 1.2700.
As such, we anticipate further progress towards the objectives outlined in the previous report, aiming for 1.2770 as the next target. A breach and consolidation above this level would likely bolster momentum, potentially leading to advancements towards 1.2800 and 1.2840, respectively.
Conversely, a return to stability below the primary support level at 1.2650 could disrupt the proposed scenario, exerting downward pressure and targeting a retest of 1.2600 before potential recovery attempts.
It’s important to exercise caution today as we await high-impact economic data releases from both the Eurozone and the United States. This includes the Eurozone’s interest rate and monetary policy statement from the European Central Bank, as well as the ECB’s press conference. Additionally, we anticipate the testimony of the Chairman of the Federal Reserve from the United States, which may lead to significant price fluctuations upon release.
Given the potential for heightened volatility amidst these economic events, it’s advisable to approach trading with caution and vigilance.
Stay cautious and monitor price movements closely during these events.
| S1: |