Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling reversed the bearish trend, as we expected yesterday, in which we relied on trading stability below the resistance level of 1.2380, touching the stop loss order at 1.2380, and as a reminder, we indicated that closing an hourly candlestick above 1.2380, that postpones chances of a downside move, and we may witness a retest of 1.2420 before determining the next price destination, recording Its highest level is 1.2447.
On the technical side, by looking at the 240-minute chart, we find that the effect of the bearish technical pattern shown on the 4-hour chart is still active, and we find that the stochastic provides negative signals indicating the return of the bearish context once again.
From here, with steady daily trading below 1.2470/1.2450, that encourages us to hold onto our negative expectations, targeting 1.2330, noting that breaking it will facilitate the task required to visit 1.2290 and 1.2265, respectively.
Only from above, the return of trading stability again above 1.2470, and the closing of an hourly candlestick above it.
Caution: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Confidence”, and we may witness high fluctuations in prices at the time of the news release.
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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