Cable forms most likely bullish engulfing pattern
The bulls in consolidation phase spikes through rising channel, the bullish engulfing pattern occurs to extend channel.
Bulls have tested strong supports at 1.3796 levels and spiking constantly 5 days in a row, in this process, the bullish engulfing candle has occurred in this week at 1.4134 levels (refer weekly charts).
These rallies are shrugging-off long-legged doji that was occurred at channel resistance, the current prices on this plotting are well above EMAs, while both leading indicators to favor buying interests.
On a broader perspective, you could still see as and when the price touches channel support, sharp spikes are seen upon hammer pattern candlesticks (weekly plotting).
For now, more upside potential is foreseen as the leading indicators signal strength and intensified bullish momentum.
Trade tips: On an intraday speculative basis, we advocate one touch binary call option to leverage yields. The payoff structure would be exponential if the underlying spot FX keeps flying on or before binary expiration.
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 37 levels (which is bullish) ahead of UK’s retail sales data announcement. Hourly USD spot index was at shy above -153 (highly bearish) while articulating (at 05:40 GMT).
Bulls have tested strong supports at 1.3796 levels and spiking constantly 5 days in a row, in this process, the bullish engulfing candle has occurred in this week at 1.4134 levels (refer weekly charts).
These rallies are shrugging-off long-legged doji that was occurred at channel resistance, the current prices on this plotting are well above EMAs, while both leading indicators to favor buying interests.
On a broader perspective, you could still see as and when the price touches channel support, sharp spikes are seen upon hammer pattern candlesticks (weekly plotting).
For now, more upside potential is foreseen as the leading indicators signal strength and intensified bullish momentum.
Trade tips: On an intraday speculative basis, we advocate one touch binary call option to leverage yields. The payoff structure would be exponential if the underlying spot FX keeps flying on or before binary expiration.
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 37 levels (which is bullish) ahead of UK’s retail sales data announcement. Hourly USD spot index was at shy above -153 (highly bearish) while articulating (at 05:40 GMT).