Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound provided a bullish tendency during the previous trading session, nullifying the expected negative outlook. Therefore, we depended on trading stability below the resistance level of 1.3720, recording the highest level at 1.3729.
On the technical side today, we notice that the pair needs more bullish momentum to resume the rise, and with a closer look at the 240-minute chart, we find the pair trying to stabilize above the 50-day moving average.
Therefore, with the price stability above the support level of 1.3660/1.3650, the bullish slant is likely today, targeting 1.3740 as the first target, knowing that its breach will enhance the gains to visit 1.3770 1.3810, respectively.
Breaking 1.3650 will nullify the activation of the bullish scenario entirely and put the price under negative pressure again to retest the surrounding support level 1.3600. Note: the risk level may be high today.
| S1: 1.3665 | R1: 1.3740 |
| S2: 1.3610 | R2: 1.3770 |
| S3: 1.3565 | R3: 1.3810 |
