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The pound sterling achieved a clear breach of the bearish channel’s resistance and started building on the support floor of the psychological barrier 1.2000, to witness the current movements of the pair stabilizing around the highest level during the morning trading of the current session 1.2040.
On the technical side today, by looking at the 4-hour chart, we find that the simple moving averages returned once again to hold the price from below, accompanied by the 14-day momentum indicator basing above the line of its line 50.
Therefore, the bullish bias is the most preferred during today’s session, with the stability of intraday trading above 1.2000 and above 1.1965, targeting 1.2090 as a first target, considering that the official target for breaching the resistance of the bearish channel is located around 1.2140.
The decline below 1.1965 will immediately stop the suggested scenario and put the pair under negative pressure, with an initial target of 1.1930, and may extend later towards 1.1870.
Note: Today, the markets are awaiting the semi-annual testimony of Federal Reserve Chairman Jerome Powell before the Senate, and we may witness high volatility.
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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