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Significant losses dominated the movements of the pound sterling against its US counterpart during last Friday’s trading, to end its trading with losses, recording its lowest level at 1.2063 during the early trading of the current session, around the price of 1.2063.
On the technical side, the pair’s current movements are witnessing stability around its lowest level during session 1.2063, accompanied by the negative pressure of the simple moving averages that exert negative pressure on the price from above, accompanied by apparent negativity features on the stochastic.
From here, with the stability of intraday trading below 1.2100, and in general below 1.2190, the bearish scenario remains the most likely during today’s session, targeting 1.1995 as a first target, taking into consideration that breaking the mentioned level increases and accelerates the strength of the bearish daily trend, as we are waiting to touch 1.1930 as the next station.
The price’s consolidation once again above 1.2190 cancels the suggested bearish scenario and leads the Sterling to compensate part of its current losses to retest 1.2235.
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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