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I except the current bullish trend for Cable to continue. We show this trend on the 4 Hour chart below. Notice the nice sequence of higher highs and higher lows.
But why am I forecasting 1.4991? Well on the second picture below we see that the Pound has just completed an inverse Head and Shoulders pattern. I wrote about this pattern in my TA post for April but back then it wasn't completed yet.
To arrive at the target for this pattern we take the lowest low to the shoulder, in our case 679 pips.…
But why am I forecasting 1.4991? Well on the second picture below we see that the Pound has just completed an inverse Head and Shoulders pattern. I wrote about this pattern in my TA post for April but back then it wasn't completed yet.
To arrive at the target for this pattern we take the lowest low to the shoulder, in our case 679 pips.…