Daily view:
GBP found the strong support at the price of 1.2100 and I saw multiply successful tests of that support, which is sign that there is no power to break and that rally Is expected. Today, the price and value are moving higher and I see higher high and higher low based on the daily candles, which is another sign of the underlying short-term uptrend. Important resistance levels are set at 1.1250 and 1.2275.
Hourly time-frame view:
Based on the hourly time-frame, I found new momentum up on the MACD oscillator, which is sign of the underlying bullish pressure. I also found a successful test of the key intraday support at 1.2165 (previous swing high zone). Additionally, there is the rejection of the 20 EMA, which gives more confirmation to my bullish view.
Trading recommendation:
According to current market condition, my advice is to trade in the direction of the up momentum. Watch for buying positions.
