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    GBP/USD: consolidating in range

    Cable is consolidating in a range after making lows in the 1.45s in April. It’s unclear which direction it will go in next but the longer-term trend is down prior to the consolidation, and so on balance it is likely to resume.

    There has been an a-b-c correction higher recently, which I have drawn on the chart below, which seems to further support the notion that the pair will recapitulate and resume its down-trend.

    Resistance from the 200-day MA is also currently obstructing further upside.

    Therefore a bearish break below the 1.5169 lows could lead to a move down to support from key psychological, round-number level at 1.5000.

    Alternatively a clear break above the 1.5807 highs would signal a continuation of the young up-trend, with a probable target at 1.6000.
    GBPUSD11b

    Cable is consolidating in a range after making lows in the 1.45s in April. It’s unclear which direction it will go in next but the longer-term trend is down prior to the consolidation, and so on balance it is likely to resume.

    There has been an a-b-c correction higher recently, which I have drawn on the chart below, which seems to further support the notion that the pair will recapitulate and resume its down-trend.

    Resistance from the 200-day MA is also currently obstructing further upside.

    Therefore a bearish break below the 1.5169 lows could lead to a move down to support from key psychological, round-number level at 1.5000.

    Alternatively a clear break above the 1.5807 highs would signal a continuation of the young up-trend, with a probable target at 1.6000.
    GBPUSD11b


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