Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound achieved notable gains against its American counterpart within the expected positive outlook during the previous technical report, touching the official target at 1.2270, recording its highest level during the morning trading of today’s session at 1.2274.
On the technical side today, we find that the pair succeeded in confirming the breach of the strong resistance located at the price of 1.2220, and we find that the simple moving averages support the daily upward curve of prices.
From here, with the stability of intraday trading above 1.2220 and in general, above the solid support floor of 1.2180, the upward trend is the most likely, targeting 1.2310, and breaching it increases and accelerating the strength of the upward trend, opening the door to 1.2360 and 1.2420.
Trading stability returns below 1.2180. The pair may start trading negatively and retest 1.2110 before attempting to rise again.
Note: Today we are awaiting high-impact economic data from the Eurozone, the services and manufacturing PMI indexes from Germany and France, and the services and manufacturing PMI indexes and unemployment benefits from the UK.
In the US, the markets await the services and manufacturing PMI index, and we may witness some volatility.
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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