maximoney1
Short

Cable looking short over several timeframes.

FX:GBPUSD   British Pound/U.S. Dollar
46 0 2
Cable looking like a developing short over several timeframes. Initial reaction within the current mini uptrend should provide the first clue. A breakdown below support, might suggest that continued weakness could prevail until reaching the lower triangulation support line. The 'shallowness' of the triangulation might suggest that this could play out over an extended time with additional sideways movement within the move, but this could easily be a reflection of the fact that 'article 50 declaration' is being delayed.
If and when the triangulation broken to the downside, there is precedence for a drop to support at 1.14 plus a very nice Fib extension to that level. Added to all this, if there is any event triggering a flight to safety in the dollar, this would also add weight to the outcome.
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