Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound has surged in its upward trajectory, capitalizing on the weakening US dollar, reaching the anticipated target of 1.2310 as outlined in our previous technical report, and soaring to its peak at 1.2390.
From a technical perspective, the pair has seen the return of support from the simple moving averages, instilling a positive momentum. Furthermore, the breach of the 1.2310 resistance level has solidified the current uptrend.
The prevailing bullish sentiment continues to dominate today’s trading session. The momentum is expected to persist, contingent upon the breakthrough of the 1.2390 mark, a crucial milestone that could propel the pound towards 1.2450, serving as the primary target. Beyond this, the pair may aim for the next official station at 1.2500.
It is essential to note that a return to trading stability below 1.2300 might temporarily delay the upward momentum, potentially leading to a retest of 1.2245 before further attempts at an ascent.
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.
| S1: |