The Cable has finally moved out of a 3year long channel and recently crossed 1.6250 resistance. The trend is up and we should target 1.6600 first and 1.6900 by the end of the year. The current bull flag could extend for few days more and offers the opportunity to enter long with a high probability trade.
December12 British Pound: the price found resistance at 16300. Last Friday a 5 month high has been reached but didn't hold and pulled back intraday. There are no real fundamental reasons why the pound should trade higher a part from the recent dollar weakness. I would enter a short at 16200 with target objective on the sliding parallel and 20 EMA, around 16100.
