Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound managed to retest the desired target at 1.2500 but struggled to maintain positive stability above this level, leading to intraday movements stabilizing around 1.2477.
From a technical perspective, the moving averages are once again exerting pressure on the price from above, with the pair remaining below the psychological support barrier of 1.2500. Additionally, the Stochastic indicator is losing bullish momentum on the 4-hour timeframe.
With intraday trading stability below 1.2500, particularly below 1.2540, the bearish bias is favored. The initial target is set at 1.2445, followed by 1.2405 as the next key level. However, a break above 1.2540 would halt the bearish momentum, leading the pair to recover and potentially heading towards 1.2595 and 1.2630, respectively.
It’s essential to remain cautious as high-impact economic data is expected from the American economy today, including the change in private non-agricultural sector jobs, the Federal Reserve Committee statement, interest rate decision, and a press conference by the Chairman of the Federal Reserve. These events may result in increased price volatility.
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