Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A trading session that tilted to the positive dominated the movements of the pound against its American counterpart, to settle for recording its highest level yesterday at 1.1646.
On the technical side, the intraday movements are witnessing a slight bearish tendency. However, with careful consideration on the 240-minute chart, the pair is stable above the 1.1560 support floor and, most importantly, 1.1530, accompanied by the continuation of stochastic providing positive signals.
We maintain our positive expectations, targeting 1.1650, a first target, and its breach will enhance the chances of touching 1.1690 and 1.1720, respectively, unless we witness a break of the 1.1530 support level.
The decline below the mentioned support level renews the chances of negative pressure on the pair, to be waiting for touching 1.1480, and then retesting 1.1430.
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: 1.1530 | R1: 1.1630 |
| S2: 1.1480 | R2: 1.1690 |
| S3: 1.1420 | R3: |