Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound achieved the desired bearish target during last Friday’s trading at 1.2460, recording its lowest level at 1.2452.
On the technical side today, we notice the continuation of negative pressure coming from the simple moving averages, which support the continuation of the downward curve for prices, in addition to the return of price stability below the psychological barrier resistance of 1.2500.
Therefore, the downward trend remains the most likely during today’s trading, targeting 1.2400 as the next station, considering that breaking the mentioned level puts the price under strong negative pressure towards 1.2365.
From above, closing the hourly candle above 1.2565 postpones the chances of a decline but does not cancel it. We may witness a retest of the main resistance 1.2625, the 61.80% correction, before the decline begins again.
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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