Cable Breaking Out?

For pattern traders the Cable has produced a double/triple bottom (some consider it double bottom while others consider it triple bottom). Regardless of what it is, I think we can all agree it looks very much like a reversal pattern.

Since the reversal pattern we have been heading upward and now have reached a resistance. This is where we want to see if we have a breakout. If we do breakout of this congestion then we could set our sights higher but beware of the MOB as shown on the chart. Breaking the MOB the next level of tough resistance zone is 2.0250.


Chart courtesy of Advanced Get. Data provided by eSignal.

Forex Analysts
Javid Shaik & Anne Chapman