Since March 8, the Cable has completed a strong uptrend in the form of a pennant. The
Rise started at the level of 1.1810 and ended at the high of 1.2343 for the time being.
The reason for the downward breakout was the retail sales from the UK at 8:00 in the morning.
Although these were positive, the market reacted differently and responded with strong sales.
Outlook
Since the pennant is a bearish formation, investors are wondering if the downtrend can continue into the 1.20 zone.
Should the upward trend line actually break sustainably now, the first price target would be 1.2020. This remains to be seen,
as well as the PMI figures from the USA at 2.45 p.m.
