Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading is still controlling the movements of the pound sterling against its Japanese counterpart within the expected bullish track during last Friday’s trading, reaching its highest level during today’s session at 160.65.
On the technical side today, the bullish trend is still valid and active, with the pair’s success in stabilizing above 159.60, accompanied by the pair getting positive stimulus from the 50-day simple moving average.
Therefore, the bullish scenario is valid during the coming hours, provided stability and cohesion above the resistance level of 160.60, and that increases and accelerates the strength of the daily bullish trend, so we are waiting to touch 161.00 first target, and gains may extend towards 161.45 as long as the price is stable above 159.60.
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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