Cable is in a longer term down trend.
Price has retraced back the 50% Fibonacci level and has been going sideways August.
Chart below:
There is a clear resistance level at 1.6300 and a sloping trend line above.
I am looking to enter short.
Chart below:
Yesterday evening and over night price has made a move down through the averages and the pivot points and a short set up has presented itself.
My levels and chart are below.
1st Entry: 1.6085
2nd Entry: 1.6105
Average Entry: 1.6095
Stop Loss: 1.6125
1st Target: 1.5990 (3% & previous support)
2nd Target: 1.5830 (8.5% & Fibonacci extension level)
I will update again if and when the trade is triggered.
Have a good day.
Regards
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