British Pound at Channel Support

Cable has held at channel support so far, bouncing off of the 1.9900 figure yesterday. Channel support along with the 3 wave decline from the top to 1.9864 strongly suggests that a new high will be established (above 2.0131).

1.9864 is critical to the bullish case and a failure there exposes former resistance (now potential support) at 1.9822. We’ll focus on measured objectives in coming days (bullish targets).