Let's recap price action for the past week in the Pound. It was very bullish as we saw buyers come in every day last week pushing prices above the Monthly Pivot and the 10, 20, 50, and 100 DMA's. We also got a bullish MACD crossover signal on Thursday. Finally, we saw the market break out of a symmetrical triangle pattern on Wednesday. The objective of this pattern is ~ 1.5625, just below the 78.60% retracement level @ 1.5659. This small range will be the next area of upside resistance followed by MR1 @ 1.5689, and the 5/14 high @ 1.5800.
Current Positions:
**aggressive: @ 1.5286 with stp @ 1.5073
**moderatively aggressive: @ 1.5356 with stp @ 1.5073
**conserative: @ 1.5374 with stp @ 1.5193
Potential Upside Targets:
1) 78.60% Level: 1.5659
2) 5/14 High: 1.5800
3) 2.618 Level: 1.5834
4) 1.00 Level: 1.5953
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