Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound maintained its gains against the US dollar within the expected bullish context at the end of last week’s trading, heading to touch the first target to be achieved at 1.2630, to hover now around its highest level during the early trading of the current session 1.2653.
On the technical side today, by looking at the 240-minute chart, we find the pair is regularly moves inside the bullish channel, and we find the simple moving averages still support the continuation of the bullish daily trend.
From here, with steady intraday trading above the support floor of 1.2585, the bullish scenario remains valid and effective, targeting 1.2680 as the first target; noting that its breach extends the pair’s gains so that we will be waiting for 1.2720, the next official target.
Trading below 1.2585 will stop the suggested scenario, and we may witness a retest of 1.2525 before determining the next price direction for the general trend in the short term.
Note: The level of risk is high and does not match the expected return, and careful consideration is required, bearing in mind that all scenarios are likely to occur.
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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