Hourly Chart
Similar to EUR/USD, price is trading flat ahead of Central Bank’s rate decision. Yesterday saw Cable hit a high of 1.604 after Obama’s re-election, but price went down sharply following the short-lived euphoria. Currently price trades between H3 and L3.
Daily Chart
Interestingly, current price action on H1 looks similar to May-Sep daily candles. Current price on daily chart could seek to form a new right handle with range 1.56-1.60, similar to left handle found from Feb to April 2012. Nonetheless, it is important to take note that the left handle/consolidation took sometime to form, and was seemingly directionless and frustrating for both bulls and bears. Hence traders should prepare themselves for similar patterns playing out leading to year end.
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