Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound continues its positive movements against its Japanese counterpart within the expected bullish path, touching the target, around 162.85, recording the highest of 162.80.
On the technical side, today, we tend to resume the bullish bias, relying on the positive motive coming from the 50-day simple moving average, which continues to carry the price from below and the pair’s success in building on the support floor of 161.30.
Therefore, the bullish scenario remains valid and effective, knowing that the breach of 162.82 is a catalyst that enhances the chances of the rise, so we are waiting for 163.10 first target and then 163.85 unless we witness trading below 161.30.
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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