Cable continues to trade along the edge of a very bearish head and should pattern with an initial target to 1.57125 although eventually to 1.47225. However, until the exchange rate has broken below the 1.5915 lows which would represent confirmation of a break below the H&S's neckline the pair is expected to recover and go higher, because the short-term trend is technically still up. Indeed there has already been a break above the most recent down-sloping trend-line yesterday which has generated an up-target of 1.60725, and which is still likely to be met.
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