Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The positive movements of the pound against the US dollar continue after its success in stabilizing above the psychological resistance level of 1.2100, which turned into a support level, recording its highest level last week at 1.2245.
On the technical side today, and by looking at the 4-hour chart, we find the pair trying to maintain positive stability accompanied by the bullish technical formation shown on the 4-hour chart, in addition to the pair’s stability above the 50-day simple moving average.
We tend to be positive but cautiously, targeting 1.2280 first target, knowing that confirming the breach increases the strength of the daily bullish trend, opening the door towards 1.2345 initially, and gains may extend later towards 1.2445 as long as the price is stable above 1.2070.
The stability of trading below 1.2070 puts the pound under strong negative pressure, the initial target is to retest 1.1980.
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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