Cable yesterday showed signs of weakness and retraced about 60pips. £ at present shows a head & shoulder pattern which communicates reversal ahead. We see as well diversion in the MACD which is another sign of diversion - even though we really don't know when it will happen. If the GBPUSD will negate the head & shoulder we will resume to look for a buy opportunity. If instead will confirm the head & shoulder, our opportunity will be to start selling the currency to the Fibonacci levels. First target @ 1.4060. We will look for a sell up to the 0.786 Fibonacci level @ 1.3932. We will reach that level if the pair is either creating the second wave or obviously continuing his depreciation.

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