It is typical to find a 3D PATTERN in these market conditions, this further bullish movement (if it will be), could be an impulsive wave consolidation. STRATEGY: BUY & SELL OPPORTUNITY
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FUNDAMENTAL COMMENT: Gilt yields are closing in on pre-Brexit levels. (MONITOR!)
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TECHNICAL UPDATES: If you took Long Position around 1.2461, watch this "resistance area":
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UPDATES: How can I trade this chart?
COMMENT: The consolidation movement expected, it happened, and the area around 1.2461 seems to have been a good BUY OPPORTUNITY. If we look at the waves chart, we see that the corrective structure has developed 5 waves (ABCDE), technically speaking, this type of correction, to be correct, does not need any more pullback and should push the price, directly to new high. If this does not happen, it means that wave E also corresponds to a wave A of ABC (bearish), and potentially the pair will make new lows, probably around 1.2400. Honestly, the second hypothesis, we do not like, though on daily time frame, we want to see a 3D PATTERN, it means that 1.2461 should not be violated.
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