Cable is trading just under the confluence area comprised of a 61.8% Fibonacci retrace and FE100 expansion and has hit a high of 1.5736 intra-day. This FE100 area is also a potential "D" from an ABCD pattern as highlighted on the D1 GBPUSD chart below. The pound/dollar pair has covered 93 pips today which represents 93% of the average daily range (ADR) over 60-days. We note that the 1.5820 area is also a previous support level and part of a price pivot zone. Any corrective move lower has the prior swing high circa 1.5600 as a focus. Further to this is the 1.5500 round number area on any sustained move lower. The ... (full story)