British Pound Bulls In Trouble
Cable is breaking down as price has broken under the 5/15 low of 1.9746. A shirt term measured objective is at the 100% extension of 2.0131-1.9841/1.9997 at 1.9707 but we expect this decline to eventually challenge the 161.8% extension at 1.9528.
Former daily lows from late March/early April are at 1.9545/89 (there is a trendline dating to June 2006 there as well). At this point, the pattern from 2.0131 appears to be playing out as a double zigzag (which is what we suspected was playing out earlier in the week) - which points to lower levels.
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Linear Mode
