Cable likely to climb stairs

15-min chart

GBPUSD m15 (03-21-2016 1745).png

Sterling is moving in falling channel on 15-min chart.

Daily chart

GBPUSD D1 (03-21-2016 1747).png

Symmetrical breakout is seen, with prices flirting with the triangle support.

GBP’s turn higher from 1.4375 marked bullish price-RSI divergence on 15-min chart, but a failure to take out falling channel support pushed it back to near 1.4383 (symmetrical triangle support).

A turn higher seen now means the spot is likely to test 1.4414 (falling channel hurdle) now. An upside break from the same would open doors for 1.4440-1.4460. Conversely, a break a failure to take out 1.4414 wuld be a fresh sell opp for target of 1.4356 levels.

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