Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound against its American counterpart achieved all our bearish targets published during the previous analysis, surpassing the official target station at 1.2450, recording its lowest level during the last session’s trading of 1.2411.
Technically, with the negative pressure from the simple moving averages that continue to put pressure on the price and the stability of the momentum indicator 14 days below the mid-line 50.
Therefore, the possibility of continuing the bearish trend is more likely, knowing that the infiltration below 1.2380 constitutes strong negative pressure on the pair opens the door to 2350, the next station that may extend its bearish targets to visit 1.2300.
Activating the suggested scenario depends on the stability of daily trading below 1.2570. Warning: We may witness attempts to recover before resuming the descending path again.
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: 1.2380 | R1: 1.2570 |
| S2: 1.2300 | R2: 1.2680 |
| S3: |