Bouncing off neckline | 11 Octubre 2013
11 Octubre 2013, GBP/USD
Cable has pulled back after flirting with the neckline of a possible H&S pattern. Despite today's push higher it remains in a short-term down-trend. A breach below the key 1.5900 level would be a major bearish signal with an initial target of 1.57125 and then perhaps even into the 1.47s, the eventual target for the H&S. The longer-term trend is up and a break above the trend-line at around 1.6020 would indicate a bullish resumption.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
