Falling within a larger double-top pattern | 01 November 2013
01 November 2013, GBP/USD
Yesterday's forecast is still relevant: Cable is falling towards the neckline of a large double-top reversal pattern. It is in a short-term down-trend within a sideways consolidation (the double-top pattern). Price has just met tough support from major MA's at 1.5990. A decisive break below this level – signalled perhaps by a breach of 1.5970 - would probably lead to a move down towards the neckline at 1.5900 and perhaps the 200-day MA at 1.5875. The mid-term up-trend remains intact although bears threaten.
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.
