British Pound Futures (6B1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
1st Resistance : 1.2631
Pivot: 1.2553
Support : 1.2485
Preferred Case: With price moving within the ascending trend channel and above the ichimoku cloud , it supports our bullish bias that price will bounce off the pivot at 1.2553 in line with the confluence area with 50% Fibonacci retracement to the 1st resistance at 1.2631 in line with the 61.8% Fibonacci retracement and 127.2% Fibonacci extension .
Alternative scenario: Price may break the pivot level and drop to the 1st support at 1.2485 in line with horizontal swing low support.
Fundamentals: Dovish doses were injected by the BoE Chief Economist Pill and member Tenreyro. The former warned of recession risks from too much tightening, while the latter sought a more gradual approach to tame inflation . We currently have a mixed-to-weak bearish .
1st Resistance : 1.2631
Pivot: 1.2553
Support : 1.2485
Preferred Case: With price moving within the ascending trend channel and above the ichimoku cloud , it supports our bullish bias that price will bounce off the pivot at 1.2553 in line with the confluence area with 50% Fibonacci retracement to the 1st resistance at 1.2631 in line with the 61.8% Fibonacci retracement and 127.2% Fibonacci extension .
Alternative scenario: Price may break the pivot level and drop to the 1st support at 1.2485 in line with horizontal swing low support.
Fundamentals: Dovish doses were injected by the BoE Chief Economist Pill and member Tenreyro. The former warned of recession risks from too much tightening, while the latter sought a more gradual approach to tame inflation . We currently have a mixed-to-weak bearish .