2. - Confirms reversal to the upside
4. Prices bounced off daily (Support) - Bulls are still in control
A) 1 HR Chart Displays an inside of
a pennant-like pattern.
After closing higher yesterday the previous days close, GBPUSD looks set to push higher with a short term target of the 1.58900 area (key daily & weekly resistance levels) now insight. Expect prices to stagnate between 1.57300 & 1.57200 before a breakout occurs to the upside around target one.
NOTE: If GBP/USD closes the day above key weekly Fib 61.8% Fib level, expect the intact.
T2 - 1.58935
T1 - 1.58125
S1 - 1.56733