Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound jumped against its American counterpart yesterday, touching the second official target to be achieved during yesterday’s trading session, at 1.2720, recording its highest level of 1.2746.
On the technical side today, by looking at the 4-hour time frame chart, we find that the pair succeeded in basing itself on the support floor of 1.2645, accompanied by the continuation of the positive crossover signal on the simple moving averages.
This encourages us to maintain our positive expectations provided that we witness price consolidation above the pivotal resistance level of 1.2720, the 50.0% Fibonacci retracement, which increases and accelerates the strength of the daily upward trend, opening the door directly to visit 1.2770 and 1.2820, initial stations that may later extend towards 1.2880.
As a reminder, activating the proposed scenario requires daily trading to remain above 1.2645, and breaking it will immediately stop the upward attempts and return the main downward trend to control the pair’s movements, targeting 1.2570.
Note: Today we are awaiting high-impact economic data issued by the American economy, “Personal Consumption Spending,” and we may witness high price fluctuation when the news is released.
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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