Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GBP/USD Technical Outlook - 3

In line with our expectations, Cable reached the top area of its descending channel. It is reasonable for the bulls to liquidate their long positions at current levels. Since we are way off the lows, initiating new long positions is risky.

We will maintain a hold state on Cable as long as the challenge with the channel is not settled.