Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound remains under pressure against the US dollar, with current movements of the pair stabilizing near its morning session’s lowest point around 1.2380.
From a technical perspective today, a bearish bias is evident as the pair continues to face downward pressure from the simple moving averages. Furthermore, maintaining negative stability below the 1.2445 resistance level reinforces this sentiment.
Consequently, there exists a potential for the continuation of the downward trend, targeting 1.2345 as the initial objective. It’s crucial to closely monitor this level, as a breach would amplify and hasten the downward momentum, potentially paving the way for a direct descent towards 1.2300, with potential further losses extending to 1.2240.
Conversely, if the price consolidates above the 1.2445 resistance level, confirmed by at least an hour candle closure, it could invalidate the aforementioned bearish scenario. In such a scenario, we may observe a retest of the 1.2510 level.
Warning: Today’s trading may be influenced by Jerome Powell’s speech, Governor of the Federal Reserve, as well as the release of the monthly retail sales index from the United Kingdom. Therefore, we may experience significant price fluctuations.
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