Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound achieved good gains against its American counterpart, approaching the first target to be touched during the previous report, at 1.3040, only to record its highest level at 1.3020.
On the technical side, with regular work inside the bullish channel shown on the 4-hour chart, in addition to the price’s stability above the 50-day simple moving average.
From here, steadily trading above the previously breached resistance, which is currently converted to the support level of 1.2940, encourages us to keep our positive expectation, knowing that the price’s consolidation above the resistance of the psychological barrier 1.3000 is a motivating factor that extends the gains, to be waiting for touching 1.3040 and 1.3080, respectively, and the gains may extend later towards 1.3110.
As a reminder, the return of trading stability below 1.2940 postpones the chances of rising, but does not cancel it, and we may witness a re-test of 1.2865 before attempts to bounce again.
Note: Today we are waiting for high-impact economic data issued by the US economy, “US inflation data, producer price index” from England, and we are waiting for “Gross Domestic Product”, and we may witness high volatility at the time of the news release.
From England, we are waiting for “the speech of the Governor of the Bank of England” and the report issued by the International Energy Agency on oil stocks. We may witness high volatility at the time of issuance of the news.
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: |