Cable is in a down trend and has retraced to the 50% Fibonacci level form the last move down from 1.6300 to 1.5260.
Chart below
Price has failed to make any significant move to the upside and has stalled at the Weekly Central Pivot Point at 1.5640.
Chart below
Price has this afternoon broken back down through the averages and I am looking to enter a short position on a pull back to the PDaily Pivot and moving averages.
Entry levels and chart below.
Entry: 1.5610
Stop: 1.5640
Target: 1.5460 (5%)
I will update again if the trade is triggered
Regards
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