Top pick for the day - British Pounds

Another leg higher?

The British Pound (Cable) appears to be ready for another leg higher following the completion of its sideways correction.

Cable looks to have completed its consolidation triangle at 1.5425 and is poised for another move higher from here.

A move beyond 1.5690 would boost the idea that more upside to above 1.5930 is underway. Possible targets above 1.5930 are the Fibonacci targets of 1.6159-1.6197.

As long as 1.5425 holds, the upside view remains intact.

If prices fall below 1.5425 in the near term, the triangle view is still intact.

However, the 1.5330 low needs to hold, otherwise a more bearish pattern may be taking place here before another leg up to above 1.5815 takes place.

Watch out for the move beyond 1.5690 in the near term. (Read Report)

Source : CIMB Research

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