Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominates the pound’s movements against the US dollar, maintaining the descending path within a gradual decline to the downside, approaching by a few points, at the required target 1.3160, recording the lowest level at 1.3178.
On the technical side, today, with the moves within the bearish price channel shown on the 4-hour chart and the continuation of the negative pressure coming from the 50-day moving average due to the short-term average crossing the long-term average.
Therefore, we maintain our negative expectation, knowing that the breach below the support level 1.3160 increases the strength of the daily bearish trend, completing towards the next target 1.3110, a good buy position.
The stability of trading above 1.3260 and, most importantly, 1.3290 postpones the chances of a decline but does not cancel them, and we may witness a retest of 1.3360 before retracing.
Note: the 14-day momentum indicator is trying to obtain positive signs on the short time frames, which may push the price to retest 1.3260 before resuming the decline again.
| S1: 1.3160 | R1: 1.3260 |
| S2: 1.3110 | R2: 1.3310 |
| S3: 1.3060 | R3: 1.3360 |
