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GBP/USD: pulling-back in dominant up-trend

   
Cable rallied for 10 consecutive days before forming a mini-double-top at the highs. The double top broke lower and has fulfilled its minimum price objective, so we might not expect any further downside.

If there is a further move lower then it will probably reach the R1 Monthly Pivot at 1.5713 and, finding tough support at that level, would probably base and resume its up-trend, which is still intact.

A break above the 1.5829 highs would provide confirmation of a move even higher to round-number psychological level at 1.6000.
GBPUSD23

   
Cable rallied for 10 consecutive days before forming a mini-double-top at the highs. The double top broke lower and has fulfilled its minimum price objective, so we might not expect any further downside.

If there is a further move lower then it will probably reach the R1 Monthly Pivot at 1.5713 and, finding tough support at that level, would probably base and resume its up-trend, which is still intact.

A break above the 1.5829 highs would provide confirmation of a move even higher to round-number psychological level at 1.6000.
GBPUSD23



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