Touched and go from 1.5700 this week. But momentum still seem to indicate bears are in control? 1.54 possible?
British Pound is currently in long positive trend from bottom at 1.5390. After good data about Public Sector Net Borrowing price made sharp upside move. Expectations were that the value of indicator will be 13.2B but value shows at 12.4B. This is much better than data about July -1.9B. As you can see on four-hour chart below price of the currency pair continues to move above 15 and 25 EMA which signals for continuing the trend. Today cable made new fresh high at 1.6307 after break of the previous top at 1.6274. If the price closes the week clear above 1.6300, this will bring further rise to 1.7043 in long term. Next target of the upside momentum in short term is set at 1.6450 first 1.6570 after that. On downside first support could be projected around 1.6160. In case of break next support would be around 1.6070. Crucial for whole bullish trend is 1.5910. Break and daily close below that level would change scenario in the currency pair for downside. In long term, price movements from 1.3503 are treated as consolidation pattern of the long term down trend from 2.1161. There isn’t any change in this view. There are a lot of interpretations of the corrective movement from 1.3503 but before break of 1.5234 support more consolidation would continue.