The Cable was killed last week as markets rattled on China fears and US Non Farm Payrolls trumped expectations. Pair finished the week below a descending triangle bottom marked by the 2015 lows and looks set to continue lower over the coming weeks. Initial target is the 1.236 extension of April - June 2015 around 1.4240, this extension coincides with the 2011 lows...
This is a follow up and an expansion on our GBPUSD chart posted last week (see link to related ideas below). The recent rejection of $1.5660/1.5700 has resulted in a loss of the uptrend from the July 8, 9, and 24 lows. In context of the potential longer-term pattern - a bearish rising wedge that commenced with the break in price on July 7 and subsequent...