Abe the Yen Samurai
Fukushima. However, the Japanese public seemed to take responsibility and handled it with class and dignity.
Fukushima. However, the Japanese public seemed to take responsibility and handled it with class and dignity.
The GBPUSD pair broke much higher during the course of the session on Wednesday as we finally cleared the 1.58 level. Because of this, we feel that the market has broken out and it’s only a matter time before the British pound continues to go much higher against all currencies, not just the US dollar.
The GBPUSD pair initially fell during the day on Wednesday, but found enough support below yet again to turn things back around and form a hammer.
GBPUSD is currently stalling at the 1.5500 area of interest once more, which has held as resistance then support in the past.
GBPUSD could be done with its short-term selloff since the pair is creating a double bottom reversal formation on its 1-hour time frame.
GBPUSD has been forming higher lows and finding resistance at the 2.1200 to 2.1300 levels, creating an ascending triangle pattern on its 1-hour chart.
The GBPUSD pair found support at the 1.55 level during the session on Wednesday, forming a slightly positive yet neutral looking candle.
GBPUSD’s bounce from 1.4634 extended to as high as 1.5162.
Market focus this morning returns to the more mundane, namely the BOE inflation report and press conference with Gov Mark Carney, and it will be interesting to see whether Cable can continue to build on its recent platform of support in the 1.5 region.
GBPUSD broke above 1.5268 resistance, indicating that the downtrend from 1.5785 (Dec 16, 2014 high) had completed at 1.4950 already.