GBPUSD H4
Cable now looks to have carved out a solid base on the 50 Fib level at 1.51900 with the market taking out the AB=CD (Purple) and 50 Fib at 1.54700/900 (see below).
GBPUSD H1
As the mentioned above Cable has now taking out the AB=CD resistance level opening up the market for further gains in the days ahead.
GBPUSD M15
With the market now taking out the 1.54900 resistance level the intraday players have been seen buying Cable on the recent 1:1 (Light blue) and 38.2 Fib at 1.54300/400. If the market can see a solid break above the 1.54900 a test of the overnight highs will be a high probability.
* A 1:1 refers to a current correction being equal in length to a prior correction
Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE