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In a similar fashion to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable seems to be attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar, followed by a pin bar.
Although its not as strong a price action as the Euro signal was, after selling for six days, the pound may be trying to form a short term bottom. First hurdle will be to close above the 20ema and 1.5878. After this, 1.5900 is on deck, but then 1.5950 could be under …... Keep reading