Following the the euro's lead;sterling was ableof breaching themain resistance levels that start from the neckline for the double bottom pattern, shown in Friday's report, following the neckline for the inverted head & shoulders pattern, shown in our weekly report. Thus, strongly supporting our previous expectations for a possible bullish trend supporting the short term upside move. Primary targets start from 1.6800 and then 1.6940, while keeping in mind that continuing the bullish direction requires daily closing above 1.6595.
The trading range for today is among the key support at 1.6460 and the key resistance at 1.7035.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair at 1.6675 and targeting 1.6800 and stop loss below 1.6595, might be appropriate|