Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Pound Sterling failed to stabilize above the pivotal resistance level published in the previous analysis, at 1.4250, which we explained yesterday as an important and basic condition to continue rising.
On the technical side, today, the current moves are witnessing a stable bearish bias below the mentioned resistance, and we find the 50-day moving average that started to pressure the price from above.
Therefore, we may witness a bearish bias in the coming hours, targeting a retest of 1.4110, a first target, and then 1.4070, a waiting station.
Activating the bearish scenario requires trading to remain below 1.4220, and most importantly 1.4250, taking into consideration that breaching the latter is capable of thwarting the suggested bearish scenario, and we may witness a return to the bullish bias, targeting an initial 1.4285/1.4300.
| S1: 1.4110 | R1: 1.4220 |
| S2: 1.4070 | R2: 1.4285 |
| S3: 1.4000 | R3: 1.4320 |
