Cable is nicely into bullish mode.
1.2950 seems to be strong support and buyers are waiting there with stops just below.
On the up side, sellers are waiting around 1.3125 to 1.3150
Sterling has had a bullish daily close for the past 3 days. A drop is expected with good support showing at 1.3050. If that fails to stop the pound then the 1.3 will most likely be stronger.
On the upside the 1.32 is the next strong number with sellers lined up all the way to 1.3275
Unless I see a buy signal, I am going to keep my shorts on with a stop above the last high at around 1.3175
End of day 8/nov/18
The closing day chart shows how cable stayed below the previous day high. After a failed test of the 1.3150 level, it dropped slowly to 1.3085
Direction remained bearish and after the FOMC statement, it continued dropping to break the 1.3050 level