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The Sterling pound faced a strong resistance level around the psychological barrier of 1.2100, failing to stabilize above it for a long time, forcing it to trade negatively and return to test the support level of 1.2035.
On the technical side, stochastic starts to provide positive crossover signals on the 4-hour interval, and the 50-day simple moving average is still trying to push the price to the upside.
Despite the technical factors that support the possibility of a bullish bias during the current session’s trading, we prefer to confirm the breach of 1.2110, as a sign to confirm the rise towards 1.2140 and 1.2170, respectively.
As a reminder, T trading stability below the strong support floor of 1.2035 will immediately stop attempts to rise, and we see the British pound against the US dollar around 1.2000 and 1.1970 later.
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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