Outlook - Inverse head and shoulder on hourly chart
- The neckline level is 1.4520.
- Breach of falling on hourly + rebound seen today from if followed by an hourly closing above 1.4520 now shall open doors for a rise to 1.47 (inv. target).
- In light of falling brexit fears and latest upbeat polls - Latest IPSOS Mori #Brexit poll sees #Remain leading with 55% - An hourly closing above 1.4520 appears likely.
- However, note that inverse head and shoulder breakouts are more effective when the appear at the bottom of a major downtrend.
- Hence, a failure to take out/sustain above 1.4520 could trigger a drop that may end up pushing the pair below 1.4332.