Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The bearish trend continues to dominate the movements of the pound sterling against the US dollar within the expected negative outlook, touching the official price target that is required to be achieved during the previous analysis at 1.2175, recording the lowest at 1.2165.
Technically, by looking at the 240-minute chart, we find that the price is stable below the minor resistance of 1.2250, accompanied by the continuation of the negative pressure of the simple moving averages, which coincides with the bearish technical structure shown on the chart.
Therefore, we may witness more declines, provided that we witness a clear and strong break of the 1.2165 support level, and that extends the losses, to be waiting for the next official target for the current downside wave 1.2120 and 1.2080, respectively, as long as the price is stable below 1.2300.
Consolidating again above 1.2300 may postpone the above-suggested scenario, and we will witness a limited bullish bias that aims to retest 1.2400.
Note: the 14 day momentum indicator is trying to provide positive signals on short intervals.
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: 1.2165 | R1: 1.2250 |
| S2: 1.2120 | R2: 1.2300 |
| S3: |