No real change here: Cable continues to consolidate in what could be a flag pattern but increasingly looks like something less clear cut. Nevertheless, its still probably a continuation pattern given the dominant trend remains up and there are no strong signs of it losing momentum.
For confirmation of a continuation higher and a breakout to the upside I would want to see a move above the 1.7190 highs, which would then target the R1 monthly pivot at 1.7250. Alternatively, if the decline continues, it will probably fall to tough support provided by the major trend-line drawn from the July 2013 lows.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.