Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling made significant gains against the US dollar by the end of last week’s trading session, surpassing the anticipated positive outlook and reaching a peak of 1.2860, exceeding the initial target of 1.2840.
Today’s technical analysis leans towards a positive bias, primarily driven by the pair’s successful breach of the 1.2770 resistance level, which has now transitioned into a supportive zone. Additionally, the pair continues to benefit from positive momentum provided by the simple moving averages, which persistently support the price from below.
Consequently, the prevailing trend suggests further upside potential during today’s trading session, with initial targets set at 1.2850 and subsequently 1.2895. Further gains may extend to revisit 1.2915, marking the next significant level of resistance.
Conversely, a return to trading stability below the key support level at 1.2770 could derail the proposed bullish scenario, exerting negative pressure on the price trajectory. In such a scenario, downside targets would include a retest of 1.2750 followed by 1.2710 before potential attempts at recovery.
Investors should exercise caution today due to the release of high-impact economic data from both the United States and the United Kingdom, including core consumer prices on a monthly and annual basis (excluding food and energy), as well as monthly and annual consumer prices. These data releases may induce significant price fluctuations upon their announcement.
Stay cautious and monitor price movements closely during these events.
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