Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound extended its gains against its American counterpart, with the opening of the first trading sessions of this week within the targeted technical outlook during the previous analysis, surpassing the official target of 1.2245, posting a high of 1.2290.
On the technical side today, the pair continues to receive a positive impulse from the 50-day simple moving average, which continues to hold the price from below, in addition to Stochastic’s attempts to get rid of the current negativity.
Therefore, the possibility of resuming the rise is more likely, with daily trading remaining above 1.2145, targeting 1.2265, and breaching it can enhance the chances of rising towards 1.2335 and 1.2360 initially.
Note: Today, we are awaiting high-impact data from the British economy, “the change in unemployment benefits,” and we may witness an apparent fluctuation at the time of the news release.
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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