Sideways consolidation extending | 16 December 2013
16 December 2013, GBP/USD
Cable continues in a sideways consolidation, in the middle of a strong up-trend. It has reached and slightly exceeded the range lows at 1.62975 but has now bounced. There is a chance it could rise up from here up to the range highs at 1.6440, however, this would require a stronger bullish reversal from price actions which remains quite bearish. Indeed a break below 1.62675 could lead to a move lower to support at 1.6200.
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.
