The British Pound turned higher against the US Dollar as expected after prices put in a Bullish Engulfing candlestick pattern coupled with positive RSI divergence. From here, a push above the 23.6% Fibonacci retracement at 1.5185 exposes the 38.2% level at 1.5568. Alternatively, a reversal back below the 14.6% retracement at 1.4948 targets the 23.6% Fib expansion at 1.4561.
Most Likely Scenario:- Long above @1.4399 with target 1.4518 for further retracement.
Alternative:- Short below @1.4399 with target 1.4232 to continue moves under selling pressure
Trend Bias:- Bullish
Candlestick Pattern:- Bullish Engulfing
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