With a new fresh low near 1,57 (breaking below july low) the Cable looks very bearish and the decline will probably accelerate over the coming weeks.
The pair is consolidating since the beginning of the week after a new fresh low at 1,35 now being support.
The pair is carving out a lower top on the weekly chart which confirms a possible long term trend reversal and the recent consolidation only reinforces this scenario.
At the end of last week, the pair was finally showing some ability to confirm a bullish outlook bounce but once again the parity level has offered some strong resistance over the last session.
The recent announcement from the SNB (to set the Swiss Franc at minimum 1,20 against the Euro) has at last allowed a significant bounce on the pair which also benefits from the Dollar relative strengh.
The pair remains under pressure with a long term bearish outlook.
July low (1,5780) has offered some support to the pair but we the downside pressure remains intense.
The pair is consolidating in the beginning of the week with market participants digesting the recent sharp decline.
The pair is carving out a lower top on the weekly chart which confirms a possible long term trend reversal.
We finally saw the pair confirming a possible long term reversal with a resumption of the uptrend at the end of last week.