Cable on its 4 hour chart seems stuck at the level of the Bullish Fair Value Gap (Cyan) area which seems to function as a fairly strong support level so that GBP/USD in the near future has the potential to appreciate upwards to the 1.2524 level where this is confirmed by the appearance of the Bullish Continuation Descending Broadening Wedge pattern and is supported by the Stochastic Oscillator indicator which is at the Oversold level and getting ready to go up but if on the way up it suddenly occurs a significant downward correction, especially if it goes down past the 1.2330 level, then it is very likely that the bull scenario described earlier will turn into invalid and cancel by itself.
(Disclaimer)
