Hello everyone, The British pound against the dollar pair faced negative pressure yesterday evening to test the first pivotal support 1.2460, and we noticed that the price consolidated above this level and began to rise again, stimulated by the positivity of the Stochastic indicator, which is clearly visible now, awaiting further rise during the coming sessions.
Therefore, we will continue to favor the upward corrective trend, the next target of which is at 1.2546, remembering that breaching this level will push the price to the 61.8% Fibonacci retracement level at 2590, while stability above the 1.2460 and 1.2430 levels represents an important condition for achieving these goals.
The general trend expected for today is bullish
Resistance prices: 1.2546 & 1.2590 & 1.2654
Support prices: 1.2361 & 1.2319 & 1.2266
Therefore, we will continue to favor the upward corrective trend, the next target of which is at 1.2546, remembering that breaching this level will push the price to the 61.8% Fibonacci retracement level at 2590, while stability above the 1.2460 and 1.2430 levels represents an important condition for achieving these goals.
The general trend expected for today is bullish
Resistance prices: 1.2546 & 1.2590 & 1.2654
Support prices: 1.2361 & 1.2319 & 1.2266
Note
Hence, the bullish trend scenario will remain valid unless the 1.2460 and 1.2430 levels are broken and held below them.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.