Cable bulls are pushing for a number of vulnerable stops that are sitting just above the old high (Blue) and 38.2 Fib at 1.55700. A break above this level will likely see the momentum on the topside pick up with little in the way of resistance until 1.58780.
The 38.2 Fib (Purple) at 1.53560 offered solid support during Friday’s trading session with buying continuing so far on Monday. An ascending triangle (White) is now starting to take shape which is an indication that higher prices are a greater possibility in the coming sessions.
I will be looking to establish an intraday long position on any solid 1:1 support if a solid close above 1.55700 in seen.
* A 1:1 refers to a current correction being equal in length to a prior correction