The 2016 bearish move has almost completed a bottoming structure in the form of a wedge pattern. A break out of the top pattern line could initiate a bullish move with the minimum price objective of the wedge, the 61.8% retracement of last years bearish move and the twice hit (to be confirmed trend line) from 2008 and 2015 showing a confluent region around 168.000.
Other GBP large bullish moves seem apparent in major pairs such as GBPNZD , GBPEUR, GBPUSD.
With the BOE starting to turn more hawkish on raising interest rates, backed with possible future positive GDP, inflation rate and Employment rates GBP could see a strong recovery. These macroeconomic indicators are the ones to watch in the coming months....obviously.
The question will be is this bullish move a retracement of the 2016 bear slump pending further catastrophic move down or the beginning of a long term strengthen of the Great British pound back in the big wide world post Brexit
Other GBP large bullish moves seem apparent in major pairs such as GBPNZD , GBPEUR, GBPUSD.
With the BOE starting to turn more hawkish on raising interest rates, backed with possible future positive GDP, inflation rate and Employment rates GBP could see a strong recovery. These macroeconomic indicators are the ones to watch in the coming months....obviously.
The question will be is this bullish move a retracement of the 2016 bear slump pending further catastrophic move down or the beginning of a long term strengthen of the Great British pound back in the big wide world post Brexit