British Pound Breaks Trendline Support

Cable has come under trendline support but the short term double bottom at 1.9864/66 keeps shorts on the defensive at the moment. The 100% extension of 2.0131-1.9864 / 2.0071 at 1.9804 is a measured objective following a break under 1.9864.

A decline much below there targets the 161.8% extension at 1.9639. A decline to 1.9804 or 1.9639 could be the C wave in an A-B-C decline from the top. An intraday reaction high at 1.9968 is initial resistance.