Price has recently broken out of its descending trend line and major psychological handle at 1.32 which is also above the top weekly ATR, price then went and retested the area potentially turning it now to a new support. We could be about to see the third leg of a ABC pattern formed after price strongly advanced upwards from the 61.8 fib area on the recent swing higher.
It will be interesting to see where price advances to or if we are seeing a 'fake out' and price continue to decline inline with the previously formed descending channel.
There are things that are supporting a bullish move upwards such as Theresa May's attempt at delaying Brexit allowing her more time to avoid a 'No deal' Brexit. And the recent FOMC's committee meeting suggesting that they would be in favour of pausing rate hikes to avoid uncertainty.
I am keeping my Bullish Bias on Cable and the Sterling and will be looking at lower time frames to look for a good entry.
It will be interesting to see where price advances to or if we are seeing a 'fake out' and price continue to decline inline with the previously formed descending channel.
There are things that are supporting a bullish move upwards such as Theresa May's attempt at delaying Brexit allowing her more time to avoid a 'No deal' Brexit. And the recent FOMC's committee meeting suggesting that they would be in favour of pausing rate hikes to avoid uncertainty.
I am keeping my Bullish Bias on Cable and the Sterling and will be looking at lower time frames to look for a good entry.