Queen of England is Too Good to be True

4 Feb 2019

It looks like fundamentally the Pound is simply at an all time low as seen in the monthly when reaching 1.2 on October 2016. Since then we have been on an overall uptrend. Despite the short term correction over the last year, the pound has regained support on large quarter point 1.3. On the weekly, the faster EMA trend has finally reached upward and connected with its slower counterpart signaling bullish momentum.

If the pound breaks through the orange zone past 1.3, then the pound will correct further but will still stay above the upward bottom yellow trendline.

But if the pound uses the orange zone as support, then the next projected price level is at the major quarter point 1.325.

Currently the trend looks bullish and price will continue upwards. The blue area is a safe take profit zone, but bulls may take price towards following quarter point 1.35