The pre-mentioned double bottom pattern was confirmed last week when we had daily closure above 1.5150.
Thursday's daily candlestick closed also above strong resistance level 1.5200 which threatened the ongoing bearish momentum.
The cable's way towards price zone 1.5325 is open now. This zone represents a strong supply zone for the pair as it corresponds to a previous high recorded on May 16.
Breakout of the bearish channel above 1.5150 confirmed the double bottom and opened the way up to 1.5200 immediately.
As expected, price Level 1.5150 provided a valid BUY opportunity on last Friday. It is running in profit now.
Some profits should be taken at 1.5290 as it corresponds to 50% Fibonacci and SL should be advanced to 1.5150 to secure the rest of the position.
Breakthrough above 1.5360 (Fibonacci 61.8%) opens the way for a higher desitnation for the pair. That is why, price action around zone 1.5290-1.5360 should be watched carefully.
