Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pound sterling continues to trade positively against its US counterpart, achieving strong gains, as we expected touching the first target to be achieved mentioned in the previous analysis, 1.3815, recording its highest level during early trading for the current session 1.3827.
On the technical side, today, with the pair’s success in breaching the 1.3760 resistance level, which has now turned into a strong support level, in addition to the positive stimulus coming from the 50-day moving average, which meets around the aforementioned support level.
This encourages us to keep our positive outlook, towards the second target of the previous analysis 1.3855, bearing in mind that the attempt to breach 1.3855 is able to stimulate the price to visit 1.3885, and then 1.3915.
From the bottom, trading below 1.3760 delays the bullish chances, but does not cancel it, and we may witness a re-test of 1.3710 before rising again. In general, we will continue favouring the upside as long as trading is stable above 1.3710.
| S1: 1.3765 | R1: 1.3855 |
| S2: 1.3710 | R2: 1.3885 |
| S3: 1.3675 | R3: 1.3945 |
