Cable falls to six-week low

Cable has sagged to a session low, down 69 pips to 1.2617. That’s the lowest since May 14 but roughly in the middle of the 2024 range.

What’s most-worrisome is the three-day reversal on the chart, which is a textbook reversal pattern.

A finish today below Monday’s low of 1.2622 would complete the pattern.

Today’s move is also challenging the 55-day moving average at 1.2617 with the 200-day down at 1.2559.

This article was written by Adam Button at www.forexlive.com.