Ascending Trend Line to 129

 The individual candles on this 15M chart are difficult to discern, but the ascending trend line begun early on 01/27 is very evident. Price has just about run out of line beneath 129: will the correction end here, or will this move off of 119 break toward 130+?

129 Break Approaching?

I remain bullish in the short-term, looking for further upside to 130, 131, 131.56 (76.4% retracement from 135.75 to 119.60) and perhaps a 100% retracement back to the apex of the double top from 01/16-01/18.

However, as I alluded to a few posts ago, I’m approaching these longs with a hint of trepidation. There are quite a few intermarket variables this week that support further GBP upside, but with recession-related deterioration wreaking havoc on the UK’s economy, there’s not much that is genuinely positive propping up this advance. The same goes for EUR v. JPY, if to a lesser degree. Any talk of a reinvigorated risk appetite amongst investors as though “the worst is over” is mostly ridiculous.

With this in mind, I remain cautiously optimistic, but am structuring trade management to switch gears on my present long positions if a change in directional bias warrants.

2055 ET: 2000 ET hourly candle dipped below trend line to just above back-up trend line set by the long lower wick 15M candles clustered around 1000 ET on 01/27. The current hourly candle looks to close as a hammer. Awaiting confirmation pullback is over on 2100 candle.