Cable is in a decending channel.
Chart below:
Price has retraced to the 61.8% Fibonacci level of the previou moved down and the top of the decending channel at 1.6050.
Chart below:
This afternoon price has broken down through the short term averages and I am looking for a short entry as shown below.
Levels and chart below:
1st Entry: 1.6020
2nd Entry: 1.6030
Averaged entry: 1.6025
Stop Loss: 1.6060
Target: 1.5850
I will update again if the trade is triggered.
Regards
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