“¢ The post-BoE upsurge takes out a confluence resistance on the 1-hourly chart and now seems to have negated near-term bearish outlook.
“¢ A follow-through technical buying beyond 200-hour SMA would reinforce the bullish expectations and lift the pair back towards weekly tops.
“¢ Technical indicators are yet to catch up with the momentum and could be the only factor leading to some consolidation before the next leg of up-move.
Current Price: 1.3249
Daily Low: 1.3102
Daily High: 1.3259
Trend: Bullish consolidation
Resistance
R1: 1.3283 (50-period SMA H4)
R2: 1.3300 (round figure mark)
R3: 1.3315 (61.8% Fibo. level of the 1.3447-1.3102 recent downfall)
Support
S1: 1.3225 (horizontal level)
S2: 1.3200 (round figure mark)
S3: 1.3171 (50-hour SMA H1)
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