Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling found a strong resistance level near 1.2450, which forced it to trade negatively, targeting the support level published yesterday at 1.2330. However, the current movements of the pair are witnessing stability above the mentioned level.
On the technical side today, the bullish trend is still valid and effective due to the pair continuing to receive a positive impulse from the 50-day simple moving average, and with stochastic attempts to get rid of the current negativity.
We continue to suggest the bullish daily trend, as long as trading remains stable above the strong support floor of 1.2330, targeting 1.2450 as the first target, noting that its breach is a catalyst that enhances the chances of touching 1.2510.
Breaking 1.2320/1.2330 can thwart the suggested bullish scenario and put the pair under strong negative pressure, with its immediate target around 1.2255.
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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