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    GBP/USD: a-b-c correction in midst of short-term up-trend

       
    Cable has paused and formed an a-b-c correction in the midst of a strong, short-term. up-trend.

    It will probably recover and move higher resuming its dominant, short-term, up-trend, however there are no signs yet of a reversal on the 4-hr chart, and the pair has actually penetrated beneath the R1 monthly pivot at 1.5710.

    A move above R1, including a 20-point margin, might signal such a resumption higher, with an initial target at 1.5813 highs.

    There is substantial resistance from both the 50-week MA at 1.5834 and the 200-week MA at 1.5891, both of which are expected to impede further upside.
    GBPUSD18

       
    Cable has paused and formed an a-b-c correction in the midst of a strong, short-term. up-trend.

    It will probably recover and move higher resuming its dominant, short-term, up-trend, however there are no signs yet of a reversal on the 4-hr chart, and the pair has actually penetrated beneath the R1 monthly pivot at 1.5710.

    A move above R1, including a 20-point margin, might signal such a resumption higher, with an initial target at 1.5813 highs.

    There is substantial resistance from both the 50-week MA at 1.5834 and the 200-week MA at 1.5891, both of which are expected to impede further upside.
    GBPUSD18


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