Cable has been beautifully technical since mid-August.
This chart belongs in a textbook. Let’s recap the moves, which we have been tracking all along.
Last week, cable rose a few pips above 1.6300 but quickly (and sharply) retraced.
With the break below 1.6150 today, the consolidation phase is confirmed. This portion of the move is generally more choppy than the breakout but I would expect to see 1.6000 tested in the coming days and a move all the way back to 1.53 can’t be ruled out.
Demand seen ahead of 1.6140 with stops below. More bids at 1.6120 and more stops below.
