Cable is threatening to drop below 1.41 handle and rightfully so as Brexit fears continue to mount amid hawkish talk from Fed officials.
A recovery from from anywhere between 1.39-1.41 could signal a possible formation of the right shoulder..ie. the spot could then target 1.4480 (inverse head and shoulder neckline)
Most investment banks are calling for 1.35-1.36 levels in the next three months. In my opinion the move would happen, but only after bulls are trapped and for that the pair would rise to 1.4480-1.4530 levels.
Caution is advised…