Looking at the daily CABLE (£/$) chart
The BEAR case (head and shoulders) is clearly outlined and would target 1.40 or lower
However there is pretty strong support mid term at the 1.53 level..and we may have already bottomed or one more dip lower before we rally. Also we seems to have broken out of a falling wedge..(bullish)
Be prepared
Sometimes it pays to look at a longer time frame
Looking at the WEEKLY chart
We can see since 2009 a large triangle is playing out which looks like an ASCENDING TRIANGLE.
We are also near the rising trend line forming the bottom of the triangle and resistance is around 1.65
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