Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominated the movements of the British pound against the US currency, approaching the resistance level of the psychological barrier of 1.2500, recording its highest price at 1.2484.
On the technical side today, we find the movements of the pound/dollar pair, which started the first sessions of the week on a bearish slope, and the current signs are witnessing stability below the resistance level of 1.2470, accompanied by the negative pressure of the 50-day simple moving average, which continues to pressure the price from above, in addition to the stochastic losing bullish momentum.
The expected trend is to the downside, targeting 1.2410 as a first target, and close attention should be paid to this level because breaking it would constitute a negative pressure factor on the pair’s movements, paving the way directly towards 1.2360.
Activating the bearish scenario requires the price to consolidate below 1.2500, and breaching it will immediately stop the suggested scenario, and the pair will recover temporarily, with an initial target of 1.2540.
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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