Despite the fact that the Brent crude oil is trading below $43/barrel - the British currency does not feel discomfort and is gradually moving upwards. Yesterday the UK government bond yields increased significantly against the US and Germany counterparts, making the British assets attractive to financial institutions. Nevertheless the pair decreased by the end of the trades amid the dollar strengthening.
Having broken the strong resistance level of 1.5670, buyers actively continued to raise the price upwards on the increased volumes. The current resistance level is the mark of 1.5775. Having tested this level the pair rebounded downwards.
The price is finding the first support at 1.5670, the next one is 1.5550. The price is finding the first resistance at 1.5775, the next one is 1.5950.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD histogram is in a positive territory. The price is correcting.
The buyers need to break above 1.5775 for a steady growth. The way to the mark 1.5950 will be opened after this breakthrough.