Recent Price Action Analaysis of the Cable

FX:GBPUSD   British Pound / U.S. Dollar
125 0 3
The GBP/USD             is consolidating after another impulsive bearish move which wiped over half the gains of the corrective bull move in short order. We're interested sellers on a bearish break of the horizontal channel, which would also be a break of the 61.8% fib of the corrective bull move, providing further confirmation that the sellers are still in control of this market. On the other hand, if the pair does break higher, a break of the 1.5916 highs will signal that buyers may be getting ready to turn this pair around.
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