Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound deviated from the anticipated downward trend outlined in the previous report. The reliance on trading stability below the robust resistance of 1.2720, as highlighted in the earlier report, was overridden as the price consolidated above 1.2720. This shift propelled the pair into an upward trajectory, reaching its peak at 1.2762, compensating for the previous sell position loss.
In the current technical analysis, the pair is presently hovering around the 1.2720 level, attempting to achieve stability above it. Notably, the 50-day simple moving average has resumed guiding the price from below.
Despite supportive technical factors for a potential rise, a cautious approach is recommended. The preference is to witness the hourly candle closing above 1.2720 before confirming a bullish scenario. In the event of successful consolidation, the first target is set at 1.2775, followed by 1.2830 as the next station.
The realization of the bullish scenario hinges on the pair’s ability to solidify its position above 1.2720. Conversely, failure to do so may prompt a retest of 1.2660 before determining the next price destination.
Warning: The risk level is considered high. Traders are advised to exercise caution, and prudent risk management is recommended.
A cautionary note is warranted as the risk level is deemed high, underscoring the importance of vigilance in the current market conditions.
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