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.