Dragonfly is formed at 135.840 levels on monthly charts to form a bottom.
pattern is formed at 130.840 levels on to form the bottom.
Consequently, from the last couple of days, the pair has been bouncing anywhere beyond 134.656 northwards ever since the pattern on daily and dragonfly pattern on monthly charts are formed.
We are not isolating these signals, both leading and lagging oscillators indicate buying interests.
momentum is intensified as we can make out from the leading oscillators positively converging rallies along with the price rise.
While (14) trending above 62 level that signals the strength in buying interests.
oscillators have reached overbought territory but no convincing %d crossover is seen.
The current prices have spiked above both DMAs, in addition, 7DMA has just crossed over 21DMA, while has shown crossover which would mean that the uptrend would likely continue in short run atleast.
Well, since implied is on the higher side in GBP crosses, on an intraday speculative basis, it is good to buy one touch digital vega calls favoring above technical indication for targets up to 135.155 levels.
Alternatively, medium term bears can maintain shorts in mid-month for hedging but no new fresh short build ups are advisable.