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Breakdown targeting range lows

Breakdown targeting range lows | 29 October 2013

29 October 2013, GBP/USD

Cable has started falling within its consolidation range after breaking down through the 45° trend-line of the current move. It will probably continue its bearish correction until it reaches support at 1.5960, with a break below 1.6060 providing confirmation. Once the sideways move has finished the bias is to the upside, and the pair is expected to recover eventually and resume its advance, either before or after it reaches the aforementioned target.
Breakdown targeting range lows
Mark Satcher
Analyst of «FreshForex» company
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