Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trading dominated the movements of the pound-dollar pair during the previous trading session, recording its highest level at 1.2065, heading downwards to retest the pivotal support of 1.1940 successfully.
On the technical side, today, the pair consolidated above the mentioned level and started the trading session positively, settling above the 50-day simple moving average, and this coincides with the stochastic attempt to obtain positive signals.
From here, with steady daily trading above the strong demand area 1.1940, the bullish scenario remains the most favorable, provided that we witness the breach of 1.2000, targeting 1.2060 as the first target and then 1.2120, respectively.
We remind you that the decline below 1.1940 will immediately stop the suggested scenario and lead the pair to reverse the trend in the short term, with bearish targets that start at 1.1810.
Note: Today, we await high-impact data from the US economy, in addition to the speech of “Jerome Powell,” and we may witness high volatility in prices, in addition to the report issued by the “International Energy Agency” regarding oil stocks.
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.
| S1: 1.1940 | R1: 1.2060 |
| S2: 1.1875 | R2: 1.2120 |
| S3: 1.1810 | R3: |