The pound managed to defy dovish meeting minutes and gain some ground against the dollar.
The team at Nomura examines the charts and sees the next moves:
Here is their view, courtesy of eFXnews:
GNP/USD has resolved a bullish rounded bottom pattern, notes Nomura.
“Although projection targets have already been met, we expect a continuation higher both in the near and medium term because of the impulsive nature of this rally.
From a wave perspective, waves-1 through 3 of an initial 5-wave move are in place and now a 4th wave consolidation is expected to form; a choppy triangle would be ideal. Once the range is complete another rally towards 1.5450 can mark wave-5 in the first leg of this new uptrend,” Nomura projects.
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