The Cable has been rolling over ahead of the 1,65 level lately. The market is building a double top formation on the 4-hour chart.
However, 1,6260 has offered a great level of support which now forms a short term range (1,6260-1,6480). A break below this support would allow a corrective move towards 1,62 with a risk of trend reversal. In this event, the main target on the downside would be 1,59 (weekly bollinger band).
Inversely, if the support continues to hold, we might see a continution to the upside over the coming sessions with a target at 1,66 (opposite weekly bollinger band).
Provided by atf-forex-trading.com