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The British pound achieved gains against the US dollar during the first trading sessions of this week, building on the support level of 1.2500.
Technically, the pound/dollar pair achieved a good consolidation above the support of the psychological barrier 1.2500. In addition, the simple moving averages continue to carry the price from below and support the bullish price curve. Still, we must be aware that there are negative signs on the stochastic indicator, which is trying to get rid of them and gather more bullish momentum.
We tend to be positive, targeting 1.2560 as the first target, considering that confirmation of the breach of 1.2560 extends the pair’s gains, so we are waiting for 1.2590 and 1.3630, respectively.
Only from below, breaking 1.2500, will put the pair under negative pressure, aiming to retest 1.2470 initially, before determining the next price direction.
Note: Today, we are waiting for high-impact economic data issued by the US economy, “US retail sales,” and from the United Kingdom, we are waiting for “the change in unemployment benefits” in addition to “inflation data” from Canada and the speech of the President of the European Central Bank, and we may witness high volatility in prices at the time Release the news.
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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