Hawkish GBP consolidation breakout

BOE has almost always lacked in behavior to The Federal Reserve. Considering the rumors of rate cuts by the Feds, we naturally assume BOE and ECB will cut their public rates after the federal reserve. Therefore, our technical picture demonstrates that further highs need to be explored by the cable.

Technically we have broken out of the entire area of dropping wedge consolidation with weekly and daily pressure siding with the GBP. Our best assumption is it is heading somewhere between the supply area marked by the green lines on the chart.

Best of luck and happy trading :-)