Can Cable Hold 26-Year High?

As cable continues to tear higher breaching key resistance levels realizing fresh 26-year highs, may traders think the pair “top-heavy” and expect a correction in the near future.

[I][U]Technical:[/U][/I] [B]GBP/USD[/B]
[B]Resistance:[/B] 2.0600
[B]Support:[/B] 2.0200
Today?s price action nears the pivotal 2.0600 point, technical traders begin to implement prior levels of resistance in conjunction with Fibonacci retracement levels to forecast possible correction zones. Those who practice Elliot Wave analysis contend that today?s price spike represents a B wave and expect an impending bearish C wave with a correction back to 2.0459.

See [I]Daily Technicals[/I] for further insight