The price level of 1.5460 was a prominent target for the cable sellers at 1.5690. The price level of 1.5430 ( the backside of the broken downtrend ) expressed significant bullish pressure.
On Tuesday, the Organization for Economic Cooperation and Development (OECD) raised growth forecasts for the United Kingdom while lowered expectations about the possibility of having more economic growth in the United States. This lead to significant bullish push above 1.5555 which invalidated the H&S pattern.
Fixation above 1.5700 is vital for the bulls to keep pushing higher especially after we had a bullish hammer candlestick candlestick at 1.5630.
The pound sterling is achieving more profits against the US dollar amid uncertainty related to the United States launching military strikes on Syria or not.
Bullish pressure was applied during last week since the pair had tested the lower limit of the ongoing ascending channel around 1.5430.
The previous weekly high around 1.5717 is being tested today. Fixation above it will bring further bullish momentum to the market to push towards 1.5760 initially.
