Noor Trends News, Technical Analysis, Educational Tools and Recommendations
1.2630 levels formed good support that helped the pound achieve a bullish inclination to retest the strong resistance 1.2730, where the current moves are stable.
On the technical side today, we tend to be negative in our trading, depending on the clear negative signs on the stochastic indicator, which started to gradually lose bullish momentum, in addition to the negative pressure from the 5-day simple moving average.
Therefore, there is a possibility of resuming the drop, which is still effective and existing, and we await touching the first target 1.2685. It should be well noted that the decline below the mentioned level facilitates the task required to visit 1.2630 next station, whose negative targets may extend later towards 1.2580.
Closing an hourly candlestick above 1.2735 may lead the pair to a temporary bullish bias, targeting 1.2790 & 1.2830, before starting the decline again.
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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