Bearish rebound was expressed off important key resistance at 1.5400 located in the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440.
This significant resistance managed to put bearish pressure leading towards quick retracement which already bypassed 1.5290, 50% Fibonacci, reaching daily demand level around 1.5200 (the previous uptrend line).
Strong bullish pressure was applied today at retesting 50% Fibonacci resulting in the current bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci).
The cable established ascending bottoms around 1.5100 and 1.5210 supporting the ongoing bullish bias for the pair.
As long as these structures remain unbroken within the depicted consolidation range, the bulls would remain in control of the market.
Failure to consolidate below 1.5130 and 1.5200 gathered bullish momentum towards 1.5275 which was broken through in order to pursue further bullish targets initially towards 1.5385 (61.8% Fibonacci).
Consolidation above 1.5400 allows the ongoing bullish structure to achieve higher targets initially around 1.5475 and then 1.5540 ( the important key level of 78% Fibonacci Level ).
Bank of England announced that it would not raise the interest rate before the unemployment rate to fall to 7%, and warned investors to expect higher interest rate the fastest time possible.
