The Pound Dollar.

Good afternoon Forex Traders,

Price action on the Cable is currently oscillating just above the V.I. in a consolidation with the short term trend still up but not looking healthy enough to trade and coming up to the trendline.

This does correspond with AdvancedGet's labelling as a wave 4 although possible further downside could be possible to perhaps the former support and fibonacci levels and V.I. shown and also the AdvancedGet T.J.'s elipse(not shown).
A supporting confluence for this is that Stochastics is hooking down.

However in this instance, for me, this short trade should it occur has too many obstacles close by to trade off this timeframe but any one wishing to do so should consult the lower timeframe charts.

I shall stand aside on the daily chart here until a break of the confines either way occurs and check for confluences at that point, and trying to avoid false breaks by using the appropriate filters, in other words this one is for my watchlist.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.