British Pound

The Pound did indeed find support in the 1.5150-1.5190 zone I mentioned a few days ago.  The low of the day on 4/23 was 1.5192.  The market reacted favorably to the GDP figures today and broke above the recent swing high set on 4/11.  You now have back to back ABCD patterns with higher highs and higher lows.  Today's high of 1.5477 was just above the conservative target I mentioned back on 4/6 and closed just below it's 100 DMA.  This moving average could provide some brief resistance along with the MR2 @ 1.5517.  Don't forget we are very near our H&S bottom target ~ 1.5546.  If we can clear above these levels, then your next target area is the 1.5637 to 1.5752 zone.  This area is the 261/261 target of the two ABCD patterns.