Monthly chart shows a Cypher formation pointing to a extension of recovery (that began from 1.3835) to 1.65 levels. Note the rebound from 1.3835 levels is also a trend line support.
Watch out for a break above 1.4627 (23.6%) which also increases the likelihood of the pair moving further to 38.2% level of 1.5117.
Note the formation appears unlikely to unfold if Britons vote in favor of 'Brexit'. However, if we trust the chart, it means a less likelihood of Brexit followed by rise in BOE rate hike bets.
Watch out for a break above 1.4627 (23.6%) which also increases the likelihood of the pair moving further to 38.2% level of 1.5117.
Note the formation appears unlikely to unfold if Britons vote in favor of 'Brexit'. However, if we trust the chart, it means a less likelihood of Brexit followed by rise in BOE rate hike bets.
