On the hourly chart cable has completed a bullish 'flag' pattern, suggesting the recent consolidation phase could be at an end

Chris Weston

Pepperstone

On the hourly chart cable has completed a bullish 'flag' pattern, suggesting the recent consolidation phase could be at an end. Importantly the pair has found support and rallied off the 38.2% retracement of rally from the recent 1.6251 to 1.6823 move. Momentum indicators on the daily chart also look bullish and therefore this pullback could be a good buying opportunity. Fundamentally it should be a busy night for sterling traders with Q4 (preliminary) GDP out at 20:30 AEST (no change expected at 2.8% annual growth), business investment, private consumption and exports. On the USD side of the equation we get new home sales.


Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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