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The pound’s movements witnessed positive attempts during the previous trading session to retest the strong resistance at 1.1940, which it has been unable to breach until now.
On the technical side today, the pair’s current movements are witnessing a slight bearish bias as a result of the negative signs coming from the stochastic indicator, which it is trying to get rid of, and we find the 50-day simple moving average that is still holding the price from below.
Therefore, the continuation of the intraday stability above 1.1800, and in general above the pivotal support floor 1.1740, encourages us to maintain our positive expectations, targeting 1.1940, knowing that its breach is a catalyst that is capable of consolidating the pair’s gains to 1.2000, the next price target.
Only from below, the return of trading stability below 1.1735 puts the price under negative pressure, targeting 1.1700, knowing that breaking the latter directly leads the pair to retest 1.1600.
Note: We are awaiting important data from the British economy by the British Treasury, and we may witness price fluctuations.
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: 1.1830 | R1: 1.1940 |
| S2: 1.1770 | R2: 1.2000 |
| S3: 1.1710 | R3: |