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The pound/dollar pair rebounded to the upside at the end of the previous session’s dealings, ending its daily dealings above the 1.1830 support floor, stabilizing around its highest level during the morning trading of the current session 1.1890.
On the technical side, the price stabilized above the 50-day simple moving average, which started to provide a positive impulse, as we found the relative strength index giving positive signals.
Despite the technical factors that support the possibility of a bullish bias in the upcoming hours, we prefer to confirm the breach of 1.1930 to enhance the chances of rising towards 1.1965 and 1.2000 for the next stations.
The decline below the pivotal support floor at 1.1830 can thwart attempts to rise and lead the pair to strong negative pressure, with its initial target at 1.1775, and later extending towards 1.1730 before determining the next price movement.
Note: We are awaiting high-impact economic data in the US, “the preliminary reading of the services and manufacturing PMI and Federal Reserve Committee meeting” The pound sterling is also awaiting PMI in the United Kingdom.
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.
| S1: 1.1830 | R1: 1.1925 |
| S2: 1.1775 | R2: 1.1965 |
| S3: 1.1730 | R3: |