Two things to point out from last time! First, the neutral to mildly Bearish aspect I pointed out has been negated by recent action, notably the UK General Election announcement. Secondly, when I suggested last time that 'Looking towards the future, there's a crossover of Tines on the 20th of Apr...look out for this as we may see a change or reinforcement of trend or just a very volatile day.' I should have realised that others were looking at the same Daily Chart and that was why the Crossover was pre-empted by the announcement just two days earlier...but with the expected effect...well done for listening to TA (the same Crossover was more accurate in EURGBP)! So with a new high for 2017, what can be expected? Well, three out of four MA's are pointing higher so the bullet point above will move to mildly Bullish.
I've drawn a new Bullish Andrews Pitchfork of the Mar - Apr action though I have resisted drawing a new Schiff for the same dates as it would just make the Daily Chart look even more messy than it already does. I have also resisted drawing of the Reverse H+S for the Oct 2016-to-date action as I still don't like the first Shoulder being so conspicuously overlong. Finally, we have our first close outside the Upper Tine of the Jan - Mar Schiff Pitchfork...so I guess I may be taking that off next time and replacing it with the other Schiff Pitchfork mentioned.
Anyway, support is currently at 1.2904 - 1.2898(dynamic), 1.2870, 1.2812, 1.2788(dynamic), 1.2771, 1.2758, 1.2727, 1.2707, 1.2683, 1.2615, 1.2603 - the Long MA and consecutive closes below would indicate a neutral market, 1.2588, 1.2554 (dynamic) & then the key 50% Fibs at 1.2472 & 1.2447 which if we see consecutive closes above would indicate a change to a Bearish market. Resistance is currently at 1.2966, 1.3059, 1.3120, 1.3170(dynamic) & then the key longer term 50% Fib at 1.3233 which if we had consecutive closes over would put the longer term picture into Bullish. I would draw your attention to one other item...which may be devalued as we have now closed over the Upper Tine as previously mentioned but which I think worth pointing out. We have another Tine Crossover on the 29th of May...a UK Bank Holiday as you would have it as well! Look out then as we may see a change or reinforcement of trend or even just a very volatile day.
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