Forex Flash: Gilts receive positive signal – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “The price of Gilts have formed an inside session – Harami cross (although technically not perfect, as the low was below the previous one). The price action shows a rejection of the pull-back and the last candle's body within the previous one can be read as a reversal signal. Therefore, I hold my bullish stance with a caveat of a sustained break of 116.54, which, If happens, would point to the price dipping to 116.11 or even 115.75. In the long term, a pennant on a daily chart suggests there would be good chances of extending the rally to 118.37 onto 119.00. These are Fibonacci levels on a weekly continuation chart.”