GBP touches the required target 25/4/2023

Positive trades dominated the movements of the pound sterling within the positive outlook, as we expected it to touch the first target to be achieved yesterday at 1.2505, recording its highest level against the US dollar at 1.2507.

On the technical side today, and with a closer look at the 4-hour chart, we find that the simple moving averages continue to support the daily bullish price curve, in addition to the pair’s success in establishing a good support base of around 1.2450.

We keep our positive expectations towards the second target of the previous report 1.2540/1.2530, an initial station. We must pay attention to the level above due to its importance to the general trend on an intraday basis. Its break is a catalytic factor that enhances the chances of a rise towards 1.2565.

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.

S1: 1.2430	R1: 1.2530
S2: 1.2370	R2: 1.2565
S3: 1.2330	R3: 1.2630