Cable consolidation nearing cycle end

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Dollar and pound remain evenly matched and have been more or less consolidating over the last 6 or so years. Something has to to give. I anticipate cable to continue consolidating over the course of 2016 providing opportunities for those more accustomed to range trading.

I prefer trending markets and will look to pick up the pound around the 1.45/46 area as it approaches major trendline support. The charts suggest a 30% move.

This enormous pennant formation on the monthly should provide an explosive move with a proper break but I don't think we are there yet.
Thank you for sharing your analysis.

It is an interesting observation about the possible consolidation and likely future move. I have noted that 91 months for or 182 months measured from low to low, high to low or high to high appear to mark many significant pivots on monthly charts. If correct then we might have low in place already and recent decline is possibly a retracement on now early stage of new bullish cycle. Here is what I mean
Yes, entirely possible. At this stage I prefer to sit on my hands in this pair as DXY is hinting higher on my charts and I anticipate a retest on cable of at least the April lows.
DanV AgentSmith
Yes sure. It seems from the chart that DXY needs to hold above 96 otherwise case for further strength would be weakened. So keeping them under review is the correct.
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