First, let’s take into account that the Cable has been in a primary bear trend since 2007, with the current medium term trend down since April this year. While the support clustered in the 1.2710/1.2662 area (August/October/November lows & t-line) has been serving as a solid floor since August, the current lack of a significant rebound and the mounting pressure on the latter may be a presursor to a bear resumption in the near future.
Based on the chart structure, the approximate price target upon a clear breach of 1.2662 would be circa 1.2100.
Kamran has been practicing TA since mid 1990s. His last role was at Informa Global Markets (formerly MCM and S&P’s MMS), where he worked as a technical analyst for nearly 11 years at their London offices. He was a member of a global team of technical analysts, producing 24 hour live analysis for their subscribers, which included top investment banks, central banks, fund/hedge fund managers and other big market players). Kamran has in depth knowledge and experience of using TA on all time scales, developing trading strategies and trading systems. He has a special interest in inter-market and cross asset technical analysis. Kamran holds STA diploma in TA and he has passed levels 1 & 2 of the Chartered Market Technician (CMT) program (MTA/CMT Institute, USA). Currently he is learning to code, with an aim to incorporate machine/deep learning into his analysis.