With the BOE and the FED in a deciding conundrum about raising rates amidst mixed data, CABLE seems to be trapped in a consolidation pattern after a drop which seems to have reached all the way to the bottom of the pair.

Despite said bottom we can't really make a call of GBP rising against the dollar. Based on Chart 1: it looks like the pair is on the way of retesting the lows at around 1.45. Based on Chart 2: the pair seems likely to move between 1.45 and 1.59, with UPSIDE potential the most likely outcome.

In this tricky situation instead of making a call for higher prices in the proceeding two months we'll assume a retest of the lows, since in the weekly chart the 50% Fibo has been tried and failed to be broken, but with buyers at the lows, the pair might find itself at around the 23%f fibo level, this time as a resistance level at 1.5185.

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