Cable continues to trade under the confluence area comprised of a 61.8% Fibonacci retrace, FE100 expansion level and 1.5820 previous support level. As noted in our previous update, the FE100 area is also a potential “D” level from an ABCD pattern, as highlighted on the Daily timeframe GBPUSD chart below. The pound/dollar currency pair covered 101 pips on Friday, which represents 103% of the average daily range (ADR) over 60-days. 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 to the downside. The dollar has been under ... (full story)