Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A strong bullish trend dominated the movements of the pound sterling against its American counterpart within the expected positive technical outlook during the technical report issued yesterday, touching the official target station at 1.1480, recording the highest level at 1.1542.
On the technical side today, with the pair continuing to obtain a positive stimulus from the simple moving averages, in addition to the pair’s success in establishing a solid support floor around 1.1450 and most importantly, 1.1410, this enhances the chances of the daily bullish trend to continue, as we are waiting for 1.1590, first target. Gains may extend later to visit 1.1640.
Trading below 1.1450 puts the pair under negative pressure to retest 1.1400. However, it should be noted that breaking 1.1400 can thwart the current bullish attempts, and we await a negative trading session that targets 1.1340 initially.
Note: The risk level is high.
Note: the US Congress “House of Representatives” elections are due today and have a high impact and we may witness clear fluctuations in prices when the results are released.
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: 1.1340 | R1: 1.1590 |
| S2: 1.1190 | R2: 1.1690 |
| S3: 1.1090 | R3: |