Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Yesterday, the pound sterling achieved our goal at 1.3170, to record its lowest price during the last session’s trading, 1.3170.
On the technical side today, the pair has noticeably benefited from the 1.3170 support level, which forced it to trade within a bullish bias but still limited. However, carefully considering the chart, the Pound is still stable below the resistance of the descending price point 1.3300/1.3280. We find the stochastic is gradually losing the bullish momentum.
Therefore, we maintain our negative outlook, knowing that the decline below the pivotal support level 1.3170 increases the strength of the bearish trend. The way is directly open to visit 1.3120, the next stop, with bearish targets extending towards 1.3070.
Rising above 1.3300 can thwart the bearish scenario, and we will witness a recovery for the Pound to target 1.3340 and 1.3400.
| S1: 1.3170 | R1: 1.3290 |
| S2: 1.3120 | R2: 1.3340 |
| S3: 1.3070 | R3: 1.3400 |
