Breakout above range highs! | 28 November 2013
28 November 2013, GBP/USD
Cable has broken out above its range highs and is expected now to rally higher. After the initial breakout yesterday it came back to retest the top of the range at 1.6255, but has since pushed back up again. The bullish count calculated using the new column of 24 green crosses at the bottom of the last pull-back, generates an upside target of 1.6680, which also roughly corresponds to the width of the sideways consolidation extrapolated higher, a more conventional way of making a target. However, a nearer-term objective, would be resistance at 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.
