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Consolidating after break higher

Consolidating after break higher | 11 December 2013

11 December 2013, GBP/USD

After breaking out of its flag cable has paused and started to consolidate again. It is probably forming a smaller flag pattern which could signal more upside eventually, when it breaks higher. A bullish outlook is supported by broader trends. The next up-count from 6th of November lows gives a target of 1.6680 but there is also tough resistance at the 1.6550, level as well. A break above the recent 1.6463 highs would provide confirmation.
Consolidating after break higher
Mark Satcher
Analyst of «FreshForex» company
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