Cable--that is, the GBP/USD pair--has been roundly insulted Wednesday, but perhaps it's not yet injured. Indeed, charts urge caution for a time because sterling appears to be gathering to make a run for breakout resistance. The success or the failure of a breakout will tell the ultimate story. On the other hand it may be notable--or at least somewhat engaging--that this is the third week in which sterling has been trading the range of the week beginning Nov. 21. The range of that week is defined by $1.5421 support and resistance at $1.5810. Current trading at $1.5708 is well above the range midpoint of $1.5615, so a ... (full story)