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Looking at the daily chart, Joyner notes that Cable at the start of November made a strong move lower from the roof of a long-term descending wedge.

The pair plummeted more than 400 points in just a couple of days following dovish comments from the Bank of England and strong employment data from the US, he says. Cable recovered quickly after finding support at the key 1.5 level and went back up into resistance at around 1.5240, Joyner adds.

Based on the four hour chart, Joyner says the price action has since stalled for a few days, forming a bullish consolidation pattern. He believes that if the price can break decisively above the top of this pattern, the strong uptrend will resume. If this happens, Joyner is buying the pair, targeting the roof of the long-term wedge at 1.5380.