Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical landscape for the British pound versus the US dollar remains largely unchanged, with the pound exhibiting continued stability above the psychological support level of 1.2400.
Examining the technical indicators today, we observe the 50-day simple moving average providing support from below, which bolsters the potential for an upward trajectory and sustains intraday trading above the psychological resistance barrier at 1.2400.
Should the current trend persist, there’s a possibility of a resurgence in the upward momentum. However, this would require a clear breach of the 1.2500 level, paving the way for further gains towards 1.2550 and 1.2590.
Conversely, a breach below 1.2400 would signal a return to the bearish path, with potential targets at 1.2370 and 1.2340.
Today’s trading session may experience heightened volatility due to the release of high-impact economic data from the American economy, including the Estimated GDP reading, pending home sales, and unemployment benefits. Traders should remain vigilant during these periods of potential market turbulence.
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