Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound showed some bearish tendency during the previous trading session, after several successive sessions of rise, as the pair’s intraday movements witnessed attempts to stabilize above 1.2200.
On the technical side, we tend to be positive, but with caution, depending on stochastic’s attempts to gain more bullish momentum on the 240-minute chart, in conjunction with the price’s stability above the 50-day simple moving average.
Therefore, we may witness the return of the bullish track, targeting 1.2250 and 1.2310, respectively, considering that the price’s consolidation above 1.2310 enhances the chances of touching 1.2410, the official station.
From below, the daily trading consolidation below 1.2160 nullifies the bullish scenario and leads the pair to retest 1.2120, and the losses may extend later towards 1.2060.
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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