Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound achieved significant gains against its American counterpart during the previous trading session. It was within the expected bullish path during the last trading session, touching our desired target at 1.2490, recording its highest level at 1.2495.
On the technical side, we tend to be positive in our trading, based on the pair’s success in establishing a solid support base around 1.2380, accompanied by the continuation of the simple moving averages providing a positive impetus that supports the possibility of an increase and is stimulated by the positive signals coming from the relative strength index and its stability above the mid-line 50.
Therefore, the bullish scenario is the most likely today, continuing towards the rest of the previous analysis targets of 1.2500 and 1.2525, respectively, knowing that opportunities are still available to touch 1.2570.
Only from below, the return of trading stability below the strong support floor 1.2480 can stop the bullish scenario immediately and force the pair to retest 1.2410.
Note: Today we are awaiting high-impact economic data issued by the US economy, “Producer Price Index, Unemployment Claims” and “Gross Domestic Product from the United Kingdom” and the speech of the Governor of the “Bank of Canada”, and we may witness a high fluctuation in prices at the time of the news.
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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