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An upward trend dominated the British pound’s movements against the US dollar during the previous trading session, reaching the first target of 1.3410 and recording a peak of 1.3434.
From a technical perspective today, and by closely examining the 4-hour chart, we observe temporary negative pressure due to intraday trading remaining below the psychological barrier resistance of 1.3400. However, the pair is still stable above the 50-day simple moving average, with the Stochastic indicator attempting to eliminate the current negativity.
Therefore, there is a possibility for the upward trend to continue in the coming hours, with the target of 1.3440 still in play. A break above this level would extend gains, opening the path toward 1.3495 in the short term.
We remind you that a return to stable trading below 1.3300 would lead the pair into a downward corrective path, with initial targets starting at 1.3255.
Warning: Today, we are awaiting high-impact economic data from the US economy, specifically “Core Personal Consumption Expenditure Prices – Annual,” which may cause significant price volatility upon release.
Warning: The level of risk is high amid ongoing geopolitical tensions, and all scenarios are possible.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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