BIAS – BULLISH
TIME FRAME – W1
Price tested 0.236 Fib level 22/01/18. Bullish momentum was exhausted and we saw a decline back to resistance now turned support at 1.3968.
Price bounced this support and 3 higher highs candles were formed signaling a bullish move. Price was once again pulled back at this 0.236 level on 03/26. After the poor nfp data release from the USA last Friday we saw the weekly candle close as bullish but below the fib. The next candle to be formed this week if ( it closes above the fib level ) will indicate a bullish rally to 1.440-1.47882
Traders are also optimistic about the interest rate rise next month for the pound which might push price to these predicted levels.