The pre-mentioned double bottom pattern confirmed by daily closure above 1.5150 achieved its full target at 1.5330.
This week, the cable exceeded 1.5320 (the high of May 16) then 1.5370 which corresponds to SMA-100 and had a daily closure at 1.5403.
Daily closure above 1.5400 will probably expose 1.5500-1.5570 as it is the next resistance zone for the pair.
Breakout of the bearish channel above 1.5150 confirmed the double bottom and opened the way up to 1.5200 immediately.
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 failed to stop the bullish momentum this time which lead to breakthrough above 1.5375.
Breakthrough above 1.5370 (Fibonacci 61.8%) opened the way for the pair towards 1.5460 initially then we have 1.5500-1.5590 which is targeted now as well.
Price action should be watched around 1.5375 for a possible BUY entry on a pullback with SL located below 1.5300.
Today the UK BoE Interest Rate Decision and BoE QE, both at 11 GMT, will be released, so please be cautious to these releases.
