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Cable is coming down, with pound under significant pressure today due to Bank of England dovish policy remarks. We see pair falling out of a wedge pattern, but looking at some higher degree trends and charts, we see that Cable is in recovery mode after it moved above 1.300 in August when some major breakout happened, but possibly within an ending diagonal, which can see more upside but after big retracement that is happening right now. We see strong bearish impulse thats now wave A of a deeper zigzag. It means that traders should be aware of more weakness after rally in B.(Click on image to enlarge)
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Cable Steps Into A Higher Degree Correction? More Weakness After Rally
