Cable continues to swing around 1.4400 and 1.4600, as we mentioned a couple of weeks ago, solid bearish movement needs a correction and we thought it could be more serious correction. According to the figure, price bounced on 50% Fibo level and then bounced downward under 61.8% Fibo level. This movement made a channel for the mentioned correction. The most probable movement may be testing a 61.8% level as resistance level again. So we can expect a little bullish move for Cable and then see what will be the resistance level strength and response. Price may stay choppy between these two levels for a while.
Technical analysis of GBPUSD dated 10.02.2016
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