Bullish Potential Remains

10.02.2021

Daily chart: trading on Tuesday ended with a breakdown of the upper Bollinger envelope, which is one of the strong signs of the market’s possible preservation of the main trend (growth). Meanwhile, we see the relative weakness of the ADX, which may lead to a tentative rollback of quotations to the area of 1.3688-1.3737 before the development of the bullish trend in the “British” will continue.

Н4: locally there is a substantial supremacy of buyers who will be ready to attack resistance in the upper Bollinger band zone (1.3828) in the near future. Therefore, we can expect a breakdown of this level and further growth to the level of 1.3900.

Н1: mark the dynamic support level at the middle Bollinger band (1.3788), which, in theory, can be tested before further growth. This mark is probably the best price to buy the pound today.

Conclusions: continuation of the growth to 1.3900.
Trading decisions: purchases to 1.3900.