Cable is in a down trend and has been supported for the first part of the week.
Chart below.
Price has formed a Double top at 1.5600 and has broken through the trend line support below.
I am looking for a pull back to the trend line and the 50% Fibonacci level to enter a short position.
I will also look at the stochastic to make sure its above 50 when the entry level is close
Chart and levels below
Entry: 1.5500
Stop: 1.5540
Target: 1.5300 (5%)
I will update later when the trade has developed.
Regards
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