“¢ The cross to finally breakthrough an important confluence resistance, comprising of a short-term descending trend-line, extending from May 18 top through highs set on June 12/13/14, and 200-period SMA on the 4-hourly chart.
“¢ With short-term technical indicators building on the positive momentum, a follow-through buying beyond 50% Fibonacci retracement level of the 150.01-143.20 downfall would reinforce the bullish breakout and open room for additional gains in the near-term.
“¢ A combination of factors, like incoming positive UK economic data and fading safe-haven demand, remain supportive of the ongoing bullish momentum ahead of the BoE Governor Mark Carney’s scheduled speech at 1000 GMT.
Spot Rate: 146.51
Daily High: 146.61
Daily Low: 145.84
Trend: Bullish
Resistance
R1: 146.84 (R2 daily pivot-point)
R2: 147.00 (round figure mark)
R3: 147.40 (61.8% Fibo. level)
Support
S1: 146.25 (confluence resistance break-point)
S2: 145.84 (current day swing low)
S3: 145.24 (S2 daily pivot-point)
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