Could GBP be on the rise again?
On the monthly chart, we can go back to 2016 and see that each time price has come into this area buyers have reacted aggressively, which has typically resulted in a strong rally in the following months.
Taking a closer look at the weekly chart, we saw last week's candle closed as a big bullish engulfing candle, confirming that buyers were once again strong in this area. Subsequently, we’ve seen price hold and close above 1.5900 resistance and also break out of the trendline that had held the downtrend the entire time.
The market has since pulled back on the intraday time frames (H4/H1) to retest 1.5900, confirming this as support, with the potential to form a higher low here. We could see a continuation rally from here as bulls continue to strengthen and make a run towards the highs at 1.6200
Taking a closer look at the weekly chart, we saw last week's candle closed as a big bullish engulfing candle, confirming that buyers were once again strong in this area. Subsequently, we’ve seen price hold and close above 1.5900 resistance and also break out of the trendline that had held the downtrend the entire time.
The market has since pulled back on the intraday time frames (H4/H1) to retest 1.5900, confirming this as support, with the potential to form a higher low here. We could see a continuation rally from here as bulls continue to strengthen and make a run towards the highs at 1.6200
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