Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound announced surrender against the US dollar to continue bleeding losses within the expected strong bearish path during the last report, bypassing the official target station at 1.1930, continuing to incur losses during the early trading of the current session at the lowest level at 1.1890.
On the technical side today, the pair confirmed the breach of the psychological support level of 1.2000, with strong negative pressure from the simple moving averages, accompanied by the clear negative signs on the stochastic indicator.
Therefore, the bearish scenario remains the most preferred, targeting 1.1840, a first target, knowing that breaking the mentioned level will extend the pound’s losses, so we are waiting for 1.1770 to touch the next price station.
Activating the suggested scenario depends on the stability of daily trading below 1.2020, knowing that the consolidation above it again leads the pair to retest the pivotal resistance of 1.2140 before descending again.
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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