Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the pound’s movements against the US dollar at the end of the previous trading session after it succeeded in attacking the 1.2570 resistance level.
Technically, we tend in our trading to the positive, but cautiously, relying on the price stability above the 50-day moving average and the stability of intraday trading above 1.2500 and, in general, above 1.2470.
Therefore, the bullish bias is the most preferred today, provided that we witness stability in the price above 1.2570. That extends the gains so that we are waiting for 1.2650 as an initial station; ascending targets may extend later to visit 1.2710.
The expected bullish tendency basically requires the pair to stabilize above the 1.2470 support floor, and infiltrating below it can thwart the bullish scenario and lead the pair to the official descending path towards 1.2365 initially.
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: 1.2470 | R1: 1.2650 |
| S2: 1.2365 | R2: 1.2740 |
| S3: |