Pulling-back from range highs | 26 November 2013
26 November 2013, GBP/USD
Cable has pulled-back from its range highs at 1.6255 and started to go down. There is the possibility this could be the start of a new leg lower as the consolidation extends sideways. The exchange rate has definitively broken below the 45 degree trend-line and generated a bearish count to 1.55295, however, for the count to activate it would have to breach the column lows at 1.6125. A continuation higher, on the other hand, could see the move higher extend up to 1.6290 or so, although if it is decisive then it could mark a breakout from the range.
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.
