300 Minute Bars

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Prepared by Jamie Saettele, CMT

Cable has traded sideways since the beginning of the month. Much like the EURUSD, the GBPUSD rally from the July low is constructive (5 waves) and the implications are for additional strength after a correction is complete from 16475. A drop below 16223 could complete the correction. Support is at 16192 and 16127.