Cable Snapping Lower - A Technician's Perspective
Overall View: Looking for a near-term down-trend continuation
4 Hour Chart Flows: Short. Price Points: 1.4783, and 1.5194 Looking for: Near-term bearish price action
Momentum: The cable trend went Short on 3rd December, and has meandered sideways since then. The pair can be just as easily bought as sold.
Elliott Wave: Cable is trading lower, after the 1.5194 top was established on Monday. The start of an impulsive decline is underway, which should reach new lows over the coming days, while the 1.5194 top holds.
A black sub-wave 2 of a red wave 5) looks to be complete, which should put a Short, powerful wave 3 in play if 1.5015 intra-day resistance can hold.
TheLFB GbpTheLFB Charting: Gbp/Usd 4 Hour View
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