Monthly
After Brexit last year, the sterling stalled between 1.2000 and 1.2500 where it consolidated for many months. Only in April of this year did we start to regain some strength wit a strong bullish candle breaking and closing above our MA. We then hit a ceiling around 1.3000 with some fundamentals surrounding UK government elections. Last month we successfully breached 1.3000 with a close above and MAs have also started shifting.
Weekly
The weekly TF has been producing strong bullish candlesticks with an engulfing a few weeks ago breaking above 1.3000 boundary. Price closed below 1.3000 last week but I believe this was a final pullback before we see new highs. The MAs are still currently upward facing.
Daily
Clear higher lows and higher highs with MAs facing upward supporting an uptrend bias.
H4
Higher lows and higher highs with a rejection off the preferred fib region with a hammer candlestick last week. Break of out CTL with an MA crossover and a break of monthly resistance 1.3000.
After Brexit last year, the sterling stalled between 1.2000 and 1.2500 where it consolidated for many months. Only in April of this year did we start to regain some strength wit a strong bullish candle breaking and closing above our MA. We then hit a ceiling around 1.3000 with some fundamentals surrounding UK government elections. Last month we successfully breached 1.3000 with a close above and MAs have also started shifting.
Weekly
The weekly TF has been producing strong bullish candlesticks with an engulfing a few weeks ago breaking above 1.3000 boundary. Price closed below 1.3000 last week but I believe this was a final pullback before we see new highs. The MAs are still currently upward facing.
Daily
Clear higher lows and higher highs with MAs facing upward supporting an uptrend bias.
H4
Higher lows and higher highs with a rejection off the preferred fib region with a hammer candlestick last week. Break of out CTL with an MA crossover and a break of monthly resistance 1.3000.
Comment:
SL moved beyond BE.
Trade closed: target reached