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.
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