If we get the correct candlestick pattern at the above resistance levels, a touch of the outer Bollinger band, the Fib levels just add confluence. I will be selling the shit outta this pair.
Nice looking cypher setup for the down side now, I would of like price to test the 618 like my previous post with Euro/Usd but it has formed a bearish pattern inside our zone, Nice gains to be had in this short... Also in the long and then the short again! All should offer a minimum of 3-1 RR.
Cable breaking out of range and closed the week above prior high suggest the move up is not done yet.
How high can cable go before a recovery / continuation down?
1.3000 Why? Because its the yearly central pivot point and look left its also a gap where price accelerated lower.
The conservative target is around 1.2550. The more aggressive target is back to range ...
Follow the pre-Brexit into current price/action gives you a little bit more recovery, say 1.30, and then another 15c crash as we hit hard Brexit before March 2017. Just a fractal - the fundamentals have to happen as well!
This does NOT conflict with my short-term long post.
I have listed the BoE rate set dates, and the pattern of price/action is similar to run up to the 9 Sep meeting. The parallel channel provides additional evidence.
Be warned, my record on cable isn't that great. For example, more Brexit delay news would trump technicals. Funny how everyone is using that word these days.
