Here’s where the cable gets interesting. The cable has continues to turn over as the pound sterling is topping out against the dollar. The double top on the daily GBP/USD along 1.6343 and 1.6299 – albeit soft – has contained the uptrend and caused the market trend transition out of the uptrend.
The daily GBP/USD with my 34EMA Wave and GRaB plug-in for MT4
Fast forward to what I’m seeing today. The GBP/USD has traded lower today as the U.S. Dollar rallied slightly higher, but is still in a downtrend. The managed to reach the and trade slightly above 77.00 to a 77.13 high before losing footing above the major psychological level.
The daily GBP/USD with my 34EMA Wave and GRaB plug-in for MT4
The bear flag breakdown is again approaching the support area near 1.5978 as prices battle around the “6000″ level.
This level is where the bearish sentiment and momentum is most likely to accelerate if broken. Since prices are below the 34EMA Wave and plotting red on the GRaB candles, look for more downside, but respect the near-term support.
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