Pound Touches First Target With Positive Features

The British pound achieved noticeable gains against the US dollar during the previous trading session within the expected bullish path, touching the first target 1.3085, reaching high of 1.3083.

On the technical side, we notice that 50-day moving average is still holding the price, meeting around the support level of 1.3000 and adding more strength, in addition to the current attempts of Stochastic to obtain additional momentum.

From here, with intraday trading above 1.3000, the bullish scenario will remain intact and effective, knowing that confirming the breach of 1.3085 will extend the pair’s gains, so we will be waiting for 1.3130 as an initial target then 1.3165.

A reminder that trading remains above 1.3000 is an important and essential condition to activate the suggested scenario and trading below it negate the attempts to rise, and we may witness a bearish tendency targeting 1.2965 and extending later towards 1.2930 before rising again.

S1: 1.3010	R1: 1.3085
S2: 1.2965	R2: 1.3130
S3: 1.2930	R3: 1.3165