Obviously the zone around 1.2130 proved to be a quite strong support for the pair, because after three days of range at that level it finally began climbing.
This move to the upside was hinted on one hand by the bars on the daily time frame (two inverted hammer bars) and on the other hand by the RSI divergence on the H4 time frame between four lows.
For the moment the priority scenario is a GBP move to the upside, with a first target at 1.23.
The limit of the divergence, however, is at 1.24118, so in my opinion, there is no need to analyze the short-term scenario for a move to the downside.
However, we should not forget that on 15th March (Wednesday) there will be important data coming from the USA that could change the situation.
It's testing 1.2130 again.
ReplyDeleteI like the understanding and depth of your analysis.
ReplyDeleteAs always, very detailed report.
ReplyDeleteThe pair is pushing higher.
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDeleteVery useful information! Thanks.
ReplyDelete