Cable at top of range | 27 November 2013
27 November 2013, GBP/USD
Cable failed to start of a new leg lower and instead recovered and has moved back up to the consolidation range high. Tough overhead resistance is hampering efforts by bulls to push higher although there is a possibility the target could be reached. If it is then a breakout from the entire range is quite credible given volatility has reached extreme lows. A move above 1.6270 would provide an initial indication of breakout, although a breach of 1.6300 would be more definitive and could signal a move up to 1.6430.
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.
