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Mixed trading dominated the movements of the pound sterling against the US dollar to reverse the expected bearish direction during the previous analysis, touching the stop losses order published yesterday at 1.2565, and to remind us that the attempts to consolidate above 1.2565 led the pair to recover with the aim of visiting 1.2610, to be satisfied with recording the highest 1.2600.
Technically, the pair declined quickly and failed to stabilize for a long time above the resistance level of the psychological barrier 1.2600, and the current moves are witnessing stability below 1.2595, and with careful consideration of the chart, a 4-hour interval, we find the 50-day simple moving average, forming negative pressure on the pair, accompanied by the arrival of the stochastic indicator to the saturation areas in the purchase.
The bearish bias is the most preferred today, but cautiously, targeting 1.2500 an awaited initial station, and breaking it will increase and accelerate the strength of the bearish bias so that the way will be open directly towards 1.2465 as long as the price is stable below 1.2600.
consolidation and stability above 1.2600 is able to thwart the aforementioned bearish bias, and we are witnessing a trading session for the pair in the green areas around 1.2630 and 1.2700, respectively.
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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