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Wednesday, September 7, 2011

GBP/USD - Triangle developing and possible fractals



It has been a while since we have looked at Cable (GBP/USD). It hasn't been much fun, but we are now at improtant support near 159 a break below here will open up for a continuation towards the long term Triangle support-line near 150, which will terminate the D-leg of the Triangle. The possible fractal (Purple boxes) also points lower. In the short term we might need a small rebound from 159 towards 163 first, but it should only be a question of time before 159 gives away and 150 will be in focus.

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