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Pulling-back from range highs

Pulling-back from range highs | 26 Tháng mười một 2013

26 Tháng mười một 2013, GBP/USD

Cable has pulled-back from its range highs at 1.6255 and started to go down. There is the possibility this could be the start of a new leg lower as the consolidation extends sideways. The exchange rate has definitively broken below the 45 degree trend-line and generated a bearish count to 1.55295, however, for the count to activate it would have to breach the column lows at 1.6125. A continuation higher, on the other hand, could see the move higher extend up to 1.6290 or so, although if it is decisive then it could mark a breakout from the range.
Pulling-back from range highs
Mark Satcher
Analyst of «FreshForex» company
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