GBP/USD – Sideways to positive trading likely

Jul 12, 2016

• Cable’s bullish break from the 4-hourly falling channel followed by a convincing move to near 1.41 handle suggests a temporary bottom is in place at 1.2789 and could yield sideways to positive action, but reckon the hurdle at 1.3119 (previous cyclical low) could stay intact.
  

• On the lower side, only a move back below 1.30 from here would suggest a major failure of the corrective forces and open doors for a fall back to 1.2881 – 1.2789 levels.