On the weekly chart, we can see two falling trend lines
- Blue and red.
- At 1.4660, the spot is back above blue trend line , but still needs to take out red rising trend line .
- Note that blue trend line was breached quite a few times on day end closing basis, but on the weekly closing basis the resistance stayed intact.
- However, the breakout may happen this week. Popular opinion is that Uk staying in EU would boost Pound and gilt yields and vice versa.
- Either we would have a clear breakout or a failure which would indicate sell-off.