MONTHLY: Last month closed as an extremely strong bullish bar, breaking the 1.2500 monthly barrier where price had been capped for the previous 6 months, suggesting the pound is on the rise.
WEEKLY: In the last 4 weeks, the pound has risen in excess of 600 pips, due to the announcement of another general election in the coming weeks. Last week closed as a strong bullish candle.
DAILY: Price broke out of a range between 1.2755 and 1.2860 to the upside. Price then tested daily resistance now turned support at 1.2860,before closing as a hammer 5 days ago. This suggests a further move to the upside.
4HR: Price tested 61.8% level on the fibonacci retracement before forming a hammer. Price then broke the counter trendline before retesting it, this is in conjunction with a crossover of the MA's to the upside.
This signals a bullish bias for me.
WEEKLY: In the last 4 weeks, the pound has risen in excess of 600 pips, due to the announcement of another general election in the coming weeks. Last week closed as a strong bullish candle.
DAILY: Price broke out of a range between 1.2755 and 1.2860 to the upside. Price then tested daily resistance now turned support at 1.2860,before closing as a hammer 5 days ago. This suggests a further move to the upside.
4HR: Price tested 61.8% level on the fibonacci retracement before forming a hammer. Price then broke the counter trendline before retesting it, this is in conjunction with a crossover of the MA's to the upside.
This signals a bullish bias for me.