On the weekly chart, we can see two falling trend lines - Blue and red.
- At 1.4660, the spot is back above blue trend line, but still needs to take out red rising trend line.
- Note that blue trend line was breached quite a few times on day end closing basis, but on the weekly closing basis the resistance stayed intact.
- However, the breakout may happen this week. Popular opinion is that Uk staying in EU would boost Pound and gilt yields and vice versa.
- Either we would have a clear breakout or a failure which would indicate sell-off.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.