Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling was able to touch the first target published during the previous technical report, located at 1.2110, recording its highest level at 1.2110, to return to decline quickly as a result of a collision with the strong resistance represented in the required target.
On the technical side today, despite the continuation of the 50-day simple moving average providing a positive incentive, in addition to the emergence of positivity from the stochastic indicator, however, we prefer to confirm the breach of 1.2050, and that may lead the pair to revisit 1.2110, and it must be carefully noted that the consolidation above 1.2110 is a catalyst that can strengthen gains are around 1.2200.
Only from below, trading stability returns below the strong support floor at 1.1930, which puts the pair under strong negative pressure, with its initial target at 1.1840.
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.
| S1: 1.1930 | R1: 1.2110 |
| S2: 1.1840 | R2: 1.2205 |
| S3: 1.1750 | R3: |