Consolidating after break higher | 11 December 2013
11 December 2013, GBP/USD
After breaking out of its flag cable has paused and started to consolidate again. It is probably forming a smaller flag pattern which could signal more upside eventually, when it breaks higher. A bullish outlook is supported by broader trends. The next up-count from 6th of November lows gives a target of 1.6680 but there is also tough resistance at the 1.6550, level as well. A break above the recent 1.6463 highs would provide confirmation.
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.
