Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling achieved the idea of the bullish tendency shown during the last analysis, heading towards our first target that needs to be touched at 160.80 to record its highest price of 160.83.
On the technical side today, the bullish trend is still valid and active, with the pair’s success in stabilizing above 159.50, accompanied by the pair getting positive stimulus from the 50-day simple moving average.
Therefore, the bullish scenario is valid during the upcoming hours, knowing that the breach of 160.50 increases and accelerates the strength of the bullish daily trend, so we will be waiting for touching 161.25 first target, and gains may extend towards 161.80 as long as the price is stable above 159.45.
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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