SHS pattern previously identified failed with price piercing back through the neckline. Given the current
Risk-On feel to these markets going into tomorrows NFP we may be forming another AB=CD leg, whilst not pure in a Gartley sense the target of an 78.6//88.6 retracement should ideally target a move to the 113.0//127.2 % fib extension zone above 1.6030.
There have been reports that the Panda has been seen on top around 1.5820.. I am not sure as to why but it sounds as though they may be just reloading for some sort of option play. Given the bullish look of both the EurUsd and EurGbp charts at present I think cable will struggle to rally with the EurUsd, although if the SHS pattern in EurGbp is proved correct Cable may play catch up early next week..
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