The pound fell after the BoE’s minutes were published and then it renewed to 1.5370 after the FOMC’s minutes were out. Before the weekend and for today, I’m going to go for a similar pattern, just with a little less amplitude. Where today closes is important for the weekly graph. If the pound/dollar closes above 1.5370, a false break in the trend will be recorded on the weekly.
Due to oil prices increasing and the FOMC’s minutes, the pound/dollar continued its growth. Yesterday I wrote that a W-shaped pattern with 1.5164 and 1.5106 bottoms has formed. The target for it is 1.5500 (punctured line).
The price has headed above the line. If the day closes above 1.5370, a break in the trend line will be cancelled.