The British pound rallied against the US dollar during the week, break above the 1.2850 level. Most of this was done during the Janet Yellen speech in
The British pound rallied against the US dollar during the week, break above the 1.2850 level. Most of this was done during the Janet Yellen speech in Jackson Hole, Wyoming as she was a bit more dovish than anticipated. After this move, we have formed a hammer. This is one of the most bullish candlesticks you can form, and I think a break above the top of it should send this market looking for the 1.30 level above. If we can finally clear that area, then I become much more bullish. Between now and then, I remain somewhat unconvinced.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
