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Please go through below weblink where we’ve demonstrated the bullish potential offered by the hammer pattern occurred on weekly plotting before we proceed further:
For now, the prices have still been moving in rising channel pattern (on weekly plotting) and hammer pattern candlestick still intensifies the bull rallies.
Hammer has occurred on intraday terms as well, as a result, the upswings have spiked well above SMAs with bullish crossover, both leading & lagging oscillators converge upwards (4H charts), coupled with the fact that the intermediate trend and major trend has gone into the consolidation phase, we foresee most likely price spikes further.
You could still see as and when the price touches channel support, sharp spikes are seen upon hammer pattern candlesticks (refer weekly plotting).
For now, more upside potential is foreseen as the current prices testing support at 7EMAs.
On the flipside, the major stiff resistances are seen at 1.3652 levels. But both the leading oscillators have been constantly converging upwards on monthly terms to signal strength in rallies.
Four more central banks, including the Bank of England and the European Central Bank, will provide updates today. Both the BoE and the ECB announced significant policy changes after their last meetings and we now expect them to stand pat while they assess developments.
The BoE’s rate-setting committee is likely to have voted unanimously for keeping rates at 0.5%. We see inflation remaining above the 2% target throughout 2018 and 2019.
Trade tips: On an intraday speculative basis, we advocate one touch binary call option to leverage yields.
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 100 levels (which is bullish). Hourly USD spot index was at shy above -93 (bearish) while articulating (at 10:26 GMT).
For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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