Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound movements against the US dollar showed an upward bias after several positive attempts to breach the resistance level of 1.3610, heading to visit 1.3640 to start today’s session on a bearish slope, resuming stability below the psychological barrier of 1.3600.
Technically, and by looking at the 4-hour chart, we notice the trading below 1.3610, 23.60% Fibonacci, in addition to the stochastic indicator losing momentum.
Therefore, it may be possible to retest 1.3565, knowing that the breach below paving the road towards 1.3500.
Trading above 1.3610 will postpone the bearish scenario and lead the pair to attempt to rise again, with an initial target of 1.3640 then 1.3565.
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: 1.3565 | R1: 1.3610 |
| S2: 1.3500 | R2: 1.3665 |
| S3: 1.3460 | R3: 1.3700 |
