Guest Commentary: MarketVisionTV - What Sterling Loves Best!
Cable held the 1.5640 base to maintain our view of pivotal 1.5640-1.5930 consolidation and more importantly given the three wave and potentially corrective decline to 1.5640 the prospect of a break up to the 1.6130 C=A target on the daily chart. The issue simply for us is will a likely test of the 1.5885- 1.5930 highs survive this time?
Fortunately this should not be an issue today as having duly broken and accelerated through the 1.5735-60 pivots, Cable should now easily hold above these supports for 1.5880 on Monday in a bid to break 1.5930.
Now we know Cable loves double tops and bottoms even within corrections hence our confidence on the 1.5640. So as Euro Sterling maintains the head and shoulders break of 84.10 then watch out for a break back down not just to attack 1.5640 but to spike it hard...what Cable loves best.
Further Videos and Commentaries are available on www.marketvisiontv.com and @EdMatts on Twitter By Ed Matts on MarketVisionTV.com
By Ed Matts on MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.