Yesterday's price action showed us resilience on Sterling Pound. BOJ's monetary policy announcement this morning pushed price further to break yesterday's high. Essentially, we are seeing the end of its drop in the near-term.
Here I marked to fibonacci retracement tool. First is the leg from yesterday to today's high of 163.20. Second is the leg from today's low to 163.20. I hope to see a good retracement to 162.60 for an entry but as the day progresses, it seems that strength is strong to keep it from retracing.
We can only hope for the market to sell off at 3pm today, UK's GBP report.
Near-term target is 164.30
Here I marked to fibonacci retracement tool. First is the leg from yesterday to today's high of 163.20. Second is the leg from today's low to 163.20. I hope to see a good retracement to 162.60 for an entry but as the day progresses, it seems that strength is strong to keep it from retracing.
We can only hope for the market to sell off at 3pm today, UK's GBP report.
Near-term target is 164.30