Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound is persistently striving to recover against the US dollar, making a notable move yesterday by challenging the resistance level at 1.2730. It was previously emphasized in the last report that breaching this level would serve as a motivating factor for the pair’s recovery.
Today’s technical analysis maintains a positive outlook for trading, drawing confidence from favorable signals emitted by the 14-day momentum indicator. Additionally, the pair receives positive reinforcement from the 50-day simple moving average.
With the condition of trading remaining above the crucial support level at 1.2660, the upward trend retains its validity and effectiveness. The initial target is set at 1.2790, and potential gains may extend further to reach 1.2830, representing the next official station.
It is essential to note that a breach below 1.2660 would completely invalidate the bullish scenario, subjecting the price to robust negative pressure. Downside targets in this scenario start at 1.2575 and could extend towards 1.2530.
A warning is warranted, particularly in anticipation of high-impact economic data on the American economy today, specifically the “NFP, average wages, and unemployment rate.” Given the potential for significant price fluctuations during the news release, caution is advised for traders.
A cautionary note is warranted as the risk level is deemed high, underscoring the importance of vigilance in the current market conditions.
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