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Falling within a larger double-top pattern

Falling within a larger double-top pattern | 01 November 2013

01 November 2013, GBP/USD

Yesterday's forecast is still relevant: Cable is falling towards the neckline of a large double-top reversal pattern. It is in a short-term down-trend within a sideways consolidation (the double-top pattern). Price has just met tough support from major MA's at 1.5990. A decisive break below this level – signalled perhaps by a breach of 1.5970 - would probably lead to a move down towards the neckline at 1.5900 and perhaps the 200-day MA at 1.5875. The mid-term up-trend remains intact although bears threaten.
Falling within a larger double-top pattern
Mark Satcher
Analyst of «FreshForex» company
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