Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound’s movements witnessed a bearish trend, under pressure from the rise in the American flag, within the expected negative outlook during the previous report, during which we targeted a visit to 1.2390 & 1.2340, achieving the required targets and recorded its lowest level at 1.2345.
On the technical side, the pair’s current movements are witnessing intraday stability below the support line for the bullish channel at 1.2390. In addition, the simple moving averages begin to exert negative pressure on the price from above, and the 50-day average meets around the resistance level of 1.2420, adding more strength to it.
Therefore, the bearish trend may be the most preferred during the day, knowing that breaking the pivotal support floor 12330 increases and accelerates the strength of the bearish trend, as we are waiting to touch 1.2290 initially.
The upside move and the price’s consolidation above 1.2430/1.2420 will immediately stop the above-suggested scenario and lead the pair to bounce upwards to visit 1.2500.
Note: The risk level is high.
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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