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Sideways consolidation unfolding

Sideways consolidation unfolding | 13 December 2013

13 December 2013, GBP/USD

The breakout from the flag pattern looks like it was a fake and cable has now fallen back down again and is continuing in a sideways mode. Price action is currently finding support from the range lows from where it will probably rise back up to the from where it is expected to rise back up to the range highs at 1.64625. This consolidation will probably breakout higher eventually. A break above 1.6480-90 might provide confirmation of more upside. A bullish outlook is supported by long-term 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.
Sideways consolidation unfolding
Mark Satcher
Analyst of «FreshForex» company
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