Double Bottom & Support
With the 'surprising' threat on Dollar, it is rather easy to spot the flows here than one expects at first glance.
The lust to expand in euro is perhaps the clearest of demonstrations of how things will follow for Pound and where the advance on this wing is not coming on the dollar side and those caught off-guard will be punished as we enter into summer months.
The chain here demands little preparation, a breakout above 1.380x will send indications that the floor has arisen and put us back into the battlefield between our highs (1.422x) and lows (1.378x). This move from sellers is being nipped in the bud, the theoretical targets above are 1.403/1x which is our mid-point in the map, and, of course, the 1.422x highs. Prefer to be a buyer at these levels as long as 1.378x is holding.
The lust to expand in euro is perhaps the clearest of demonstrations of how things will follow for Pound and where the advance on this wing is not coming on the dollar side and those caught off-guard will be punished as we enter into summer months.
The chain here demands little preparation, a breakout above 1.380x will send indications that the floor has arisen and put us back into the battlefield between our highs (1.422x) and lows (1.378x). This move from sellers is being nipped in the bud, the theoretical targets above are 1.403/1x which is our mid-point in the map, and, of course, the 1.422x highs. Prefer to be a buyer at these levels as long as 1.378x is holding.
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A daily chart update here:
