Buyers finally regained control and managed to lead the price higher on Monday. They moved the price from 1.0600 towards 1.0650 and broke the level in the NY session. After breaking the level the major extended its gains up to 1.0670. The resistance is seen at 1.0700, the support stands at 1.0650.
We believe the pair is likely to move upwards in the short-term. If a bullish tone persists we expect a test of the level 1.0700 in the coming days.
The bullish market structure remained in place on Monday. The pound had a positive start to the day and maintained its upbeat tone the whole day. The major was growing the whole day and reached 1.2600 in the late NY session. The current resistance is seen at 1.2600, the support exists at 1.2500.
Upward trading is expected to continue. In this scenario the pound may break above 1.2600 in the coming sessions.
The bullish scenario prevailed on Monday. Buyers reversed some losses during the first part of the day. After a brief pause at the noon they continued climbing towards 109.00. The resistance exists at the level 109.00, the support comes in at 108.00
If a upward pressure persists the price will break 109.00 heading towards 109.50.
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