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Range-bound consolidation extends

Range-bound consolidation extends | 05 December 2013

05 December 2013, GBP/USD

GBP/USD is trading in a consolidation range after pausing in an up-trend. The range lies between 1.6340 and 1.6440; the pair is currently moving up within the range and will probably continue until it reaches the highs at 1.6455. Eventually the dominant short-term bull-trend is expected to resume and lead to a break out, with a move above 1.6470 indicating a continuation of the trend higher. The next target after that would be at resistance at 1.6550, followed by 1.6680, which is the bullish count calculated using the column at the base of the pull-back of the 26th November.
Range-bound consolidation extends
Mark Satcher
Analyst of «FreshForex» company
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