Price: 1.4688

Bias: We should see gains to 1.4772 minimum and probably 1.4842-63

Daily Bullish:
Yesterday was a bit of a messy day but overall bullish and this is seeing further gains this morning. Already we are close to the 1.4772 target and while we should take care around here I feel that the greater risk is probably now for a move through to 1.4842-63. Note the bearish divergences in both hourly & 4-hour charts. Thus only above 1.4863 would pressure the 1.4984 high and if this breaks then we may be talking about follow-through to 1.5136.

MT Bullish:
24th March: The rally has pushed through the 1.4660-70 resistance and is now approaching the next barriers at 1.4772 and 1.4840-63. However, these do seem to have a stronger chance of holding and provoking a correction at least. Above 1.4984 would imply a move to 1.5136 at least...

Daily Bearish:
The Pound started the day looking like it would remain in a sideways pattern but towards the end of the day pushed higher and this has extended in Asian trading. Observe the 1.4772 resistance for signs of a reversal pattern - or at 1.4840-63. I feel that one of these has potential to cap. Only an earlier break below 1.4646 would undermine the bullish structure and allow a pullback through 1.4585 and back to 1.4546. To confirm a stronger correction we'll need a break below yesterday's 1.4449 low...

MT Bearish:
24th March: I am still concerned with the depth of the pullback. Either we'll stop at or below 1.4840-63 or we're going to see the rally reach 1.5136. Back below 1.4449 will assist the downside.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.