Cable has attracted a number of buyers for the second time today on the 50 Fibonacci level at 1.51880, taking out a number of stops above the 1.54400 high.
Bears will be closely eying the AB=CD (Purple) and 50 Fib level at 1.54700/900, if this level can attract some solid selling interest the bears will look to push for the stops that are likely sitting just below the 50 Fib at 1.51880. However, any solid break above the AB=CD (Purple) and 50 Fib at 1.54700/900 will see the bears run for the hills with the market likely having established a solid base on the 50 Fib at 1.51880.
* A 1:1 refers to a current correction being equal in length to a prior correction
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