Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound managed to touch the first target of the bearish correction at 1.3740, recording its lowest level at 1.3735.
On the technical side, the 50-day moving average started the negative pressure, trading below 1.3780 and the main resistance level of 1.3830.
We maintain our negative outlook, targeting 1.3710, a first target. The pair’s price behavior should be monitored around this level due to its importance to the general trend in the short term, and breaking it will increase the negativity towards 1.3665 and 1.3620.
The suggested bearish scenario depends on the stability of trading below 1.3830, and its breach can thwart the suggested scenario. The pair recovers again to visit the official target of 1.3910.
| S1: 1.3710 | R1: 1.3820 |
| S2: 1.3665 | R2: 1.3870 |
| S3: 1.3620 | R3: 1.3910 |
