British Pound 15705 Remains Key February Level
Prepared by Jamie Saettele, CMT
Cable has been weak since the 2/8 key reversal (see arrow). I wrote last week that “the key reversal combined with short term structure (impulsive decline + corrective rally) is near term bearish.” Short term structure isn’t bearish anymore. Rather, a triangle may be unfolding from since 2/1. The implications are for strength towards 15850/80. A drop below the 2/1 low would negate and shift focus to 15640 and 15515.
Bottom Line – flat
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.