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On a long term trend continuation perspective, we reiterate 3 white soldiers patterns on declining swings with bullish convergence from the leading oscillators, this pattern bullish in nature.
The current prices spike above MA curves.
Bulls have managed to bounce back upto (0.7872) 50% retracements so far, but the next trend continuation is conditional on sustenance of current levels.
Robust volumes are in conformity to the rising prices (see rising volumes histograms).
MACD has signalled bullish trend continuation and 7EMA attempting crossover 21EMA which is likely buying call.
Fundamentally, the Sterling held stronger today ahead of BoE's interest rate decision, and recent U.K's manufacturing output produces upbeat numbers at +0.7% on MoM terms, more than consensus at 0.2 % and previous reading of -0.3% in December.
Hence, we would to maintain our long term bullish view on this pair as it has recently broken out crucial resistances at 0.7754 & 0.7843 levels and currently bulls have been able to sustain these levels. Long term investors can go long for targets of 0.80 in next month or so ahead of UK referendum in June for Brexit event.
