Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading regained control over the pound’s movements against the US dollar after it found a resistance level near 1.3270, which forced it to trade negatively during the early trading of the current session.
On the technical side, today, the current prices are witnessing stability below the 50-day moving average, which started to pressure the price from above and the stability of intraday trading below the 1.3270 resistance level.
Therefore, the bearish tendency is likely today, targeting 1.3170 an initial station. However, we should pay close attention because breaking it increases the strength of the downward trend, opening the door towards 1.3090, a targeted price station.
Activating the suggested bearish scenario depends on trading stability below 1.3270, and its breach delays the chances of a decline. Still, it does not cancel it, and we may witness a temporary bullish slope that aims to retest 1.3330/1.3310.
| S1: 1.3170 | R1: 1.3250 |
| S2: 1.3140 | R2: 1.3300 |
| S3: 1.3090 | R3: 1.3340 |
