British Pound Holding Below Trendline

Cable has come under trendline support and is hovering near last week?s low (1.9864). 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. Yesterday?s high at 1.9945 is rewsistnce. The pair closed below the 20 day SMA yesterday, which bolsters the bearish outlook.