Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative movements dominate the pound’s movements against its Japanese counterpart within the expected bearish path towards our targets.
On the technical side, we are inclined in our trading to the negativity, relying on the continuation of the negative pressure coming from the 50-day moving average, which continues the negative pressure on the price and the clear negative signs of the stochastic indicator.
Therefore, the bearish scenario will appear as a valid and effective order, targeting 152.50, considering breaking the mentioned level will extend the pair’s losses. We will be waiting for 152.10/152.0 as the next station.
Activating the suggested bearish scenario requires trading to remain below the resistance level of 153.65. Its breach will nullify the activation of the suggested scenario and lead the pair to a temporary ascending path, targeting 154.20 before retracing.
| S1: 152.60 | R1: 153.65 |
| S2: 152.20 | R2: 154.20 |
| S3: 151.60 | R3: 154.65 |
