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Tentative breakdown out of consolidation

Tentative breakdown out of consolidation | 18 December 2013

18 December 2013, GBP/USD

Cable has weakened, moving down below the 1.6280 lows of its sideways consolidation. It has just recovered and is trying to rise back up in a new bullish column higher. It is unclear whether it will succeed and this breakdown could be marking a potential change in the short-term trend. There are several possible targets lower, however the next the count is from the 12th December which gives a downside target of 1.61625. Whislt its unclear as yet whether it will fall to that target a re-break below 1.62225 would confirm. Alternatively a break above the 1.63425 level could mark a resumption of the up-trend to the range highs at 1.6440. Today is FOMC day so much volatility is possible.

Tentative breakdown out of consolidation

Mark Satcher
Analyst of «FreshForex» company
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