Everything is designed for a beautiful ascent according to the pattern. But given the upside of the dollar, we are likely to see a lot of volatility.
We get some type of headline news that changes everything but right now it looks as if the Bank of England is likely to raise interest rates, and that should continue to be good for the British pound overall. The stronger than anticipated GDP numbers out of the United States of course puts bearish pressure on this pair, so it might be a situation where this pair breaks down a bit, but the British pound strengthens everywhere else.
We get some type of headline news that changes everything but right now it looks as if the Bank of England is likely to raise interest rates, and that should continue to be good for the British pound overall. The stronger than anticipated GDP numbers out of the United States of course puts bearish pressure on this pair, so it might be a situation where this pair breaks down a bit, but the British pound strengthens everywhere else.
Comment:
AB=CD Pattern