Cable retraced most of the previous days rallies, leaving us back within the recent range...Now the 4 hrly chart is looking a little bit more interesting now...we could have a potential inverse H&S pattern emerging... The base of which is 1.4685....Now this means that if we weaken we should not break this support area....The market should then rise back towards the 1.4850 area and if we break this barrier we have a measured target of 1.5030/50...

Now all this depends on whether we can hold the above stated support area...If we cannot then we should be able to come back and test the weekly lows located at 1.4699/89...

This area on a close basis tonight will determine the direction for next week...If we hold this support there is a good chance the market will base leaving us looking a little stronger for the coming week...If we lose this support we have 1.4350 as your immediate objective for Monday morning...

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