Cable Weakness Could Extend To 1.5900
Pound fell slightly beneath 1.6000 psychological level yesterday after recent tricky expanded flat formation placed in wave B). However, despite weaker price we think that whole decline from above 1.6330 will prove corrective, which means its part of a larger uptrend. However, on the intra-day basis focus should be for lower levels in the next few sessions with a decline to 1.5950 or even 1.5900 before we may look for a wave C) low and reversal higher. These levels remain in view while 1.6100 resistance is in place. Any push above that resistance will suggest that pair has bottomed.
