Demand for sterling continues to dominate this cross. Steady upside in the first 3 days has led to a 3rd up week in succession despite the final 2 days showing no significant movement. Thursday’s Shooting Star upside rejection remains a concern but it hasn’t yet led to any real profit taking.
Therefore the underlying positive tone continues to be our focus and so our call is Bullish but to leave room to Buy a Dip to 1.5403, last Wed’s open. The risk is 1.5340, last week's open, and the immediate target is 1.5510, last week's top. A move above that level then targets 1.5585, a 62% correction of the 2009-11 decline, or even towards 1.5693, the 2011 peak
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