Cable consolidates

FX:GBPUSD   British Pound / U.S. Dollar
69 0 4
The Pound was looking very ominous through out last week, but bulls have managed to keep the pair supported thus far, carving a higher low. Pair is currently trading sideways, consolidating between 1.2135 and 1.2325. We expect aggressive selling on any rallies and await significant bearish continuation.

A break below 1.2135 would target 1.2090 and the psychologically significant 1.2 level. A break above 1.2325 would target the 1.2415 - 1.2485 resistance zone , though pair could well see aggressive selling before there.
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