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Raed Mohammed Mutar
Technical Analyst & Adviser in Stock Market
What are the expectations for the pound pair?
We expected “sterling to trade sideways between 1.2585 and 1.2660” yesterday. The Sterling then fell to the 1.2561 area before rebounding. The move appears to be part of a consolidation phase and sterling is likely to trade between 1.2565 and 1.2640 today.”
The pound sterling against the dollar made an attempt to break the 1.2590 level, but it maintained its stability above it, to keep the bullish trend scenario effective for the upcoming period, supported by the EMA50 that continues carrying the price from below, waiting to head towards 1.2725 as a next target.
Res: 1.2666; 1.2700; 1.2725 Sup: 1.2544; 1.2500; 1.2471