Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound achieved strong gains against the US dollar yesterday within the bullish context expected during the previous report, touching the first official target to be achieved at 1.2800, recording its highest level at 1.2814.
On the technical side today, with a closer look at the 240-minute time frame chart, we find that the simple moving averages continue to provide support for the pair, and this comes in conjunction with the positive signals coming from the 14-day momentum indicator.
From here, with intraday trading remaining above 1.2740, this increases the possibility of continuing the rise, targeting 1.2850 as the first target, and you must pay close attention to the fact that the burning of 1.2850 is a motivating factor that enhances the chances of touching 1.2890 and 1.2930, respectively.
Trading stability again below 1.2740 with the closing of at least an hour candle postpones the chances of a rise, but does not cancel them, and we may witness a bearish tendency with the aim of retesting 1.2660 before rising again.
Warning: Risk level is high.
A cautionary note is warranted as the risk level is deemed high, underscoring the importance of vigilance in the current market conditions.
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