A surge overnight post the UK Election Day, to reinforce the base that has built this week in the 1.5088/87 area to overcome the late April recovery high 1.5500 and maintain a bullish theme into May.
We see an upside bias for 1.5552/69; break here aims for 1.5620, maybe closer to 1.5786.
But below 1.5400 opens risk down to 1.5250, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive tone with the bullish threat through 1.5552/69.
Above here targets 1.5620, 1.5786, 1.5826, 1.5879 and maybe 1.6000 into May.
What Changes This? Below 1.4911 eases bull risks; through 1.4854 signals a neutral tone, only shifting negative below 1.4566.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
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