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Possible extension higher expected

Possible extension higher expected | 21 Oktober 2013

21 Oktober 2013, GBP/USD

There is not much change from the last forecast: Cable has risen swiftly, surpassing its target at 1.61025 and probably reversing the short-term down-trend, although not definitively. All main targets on the larger 0.003 box chart have been met, indicating the possibility the pair may be over stretched to the upside, however in the absence of any signs of weakness or reversal we must consider a continuation higher as the most likely outcome, with a break above the 1.62225 highs probably reaching the 1.62525 highs. A move below 1.6140 would be a bearish sign, generating a target at 1.6040.
Possible extension higher expected
Mark Satcher
Analyst of «FreshForex» company
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