The momentum appears to be clearly bullish on the Cable over the middle term (weekly view).
After a nice rally from the 1,31 level, the major has found some strong resistance by the 1,42 handle where it stalled out.
With a break above recent resistance at 1,0370 the pair is poised to continue its move to the upside with a next target at 1,07.
After a sharp upside move towards 1,0650 the pair has been under intense pressure pulling back towards parity which is now being tested.
After a break below previous low at 0,8870 the pair has confirmed a corrective move with a next target at 0,87 (38% retracement).
The pair remains in a long term bearish trend but it is still complicated to trade with sharp upside down moves.
The break back above 1,5850 from friday has confirmed a bullish bounce with the market currently testing the key 1,60 resistance.
With a break above the high of October 17 (1,3914), the pair has confirmed a bullish bias over the short term.
The pair remains under intense pressure over the long term but seems to have found a good support on top of 0,94 resulting in a bullish weekly candle.
The pair continues to be well bid above parity despite the recent choppy price actions.