Sideways consolidation extending | 19 December 2013
19 December 2013, GBP/USD
Cable has recovered and risen back up within its consolidation range after falling to the range lows at 1.62225. It has found resistance at 1.64325 and pulled back a little. There is a possibility the pair will simply continue in a sideways market mode from now on, rotating at the present highs and falling back down to the range lows at 1.62675. A break below the 1.63425 column lows would help to confirm such a move. Alternatively, given the consolidation is now quite extended a breakout higher is also highly likely, and eventually highly probable, given the dominant bullish trend prior the consolidation. A move above 1.64625 could signal such a move higher, with an upside target generated from the base column of X's of 1.6740, although resistance is also at 1.6550.
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