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.
Today, the cable exceeded 1.5320 (high of May 16). However, it is finding supply (resistance) around 1.5365 which corresponds to SMA-100.
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 last Friday. It is running in profit and it is time to take profits.
Price Level Fibo 61.8% expressed significant bearish price action which lead to 4H closure below Fibonacci 50%, this was followed by another pullback towards 1.5365 (61.8% Fibonacci) which is expected to pause the ongoing bullish impusle and lead to retracement.
Price action should be watched around 1.5235 for a possible BUY entry with SL located below 1.5140.
Breakthrough above 1.5370 (Fibonacci 61.8%) opens the way for a higher desitnation for the pair towards 1.5460 initially.
