Cable has been unable to make a move higher and on the shorter term charts price is making lower lows and lower highs.
There is a clear triple top at 1.6300 and this morning price has broken down through the averages.
Chart below:
On the lower time frames you can see that price has made a move down and then pulled back to the 50% Fibonacci level before braking through the averages this morning
Chart below:
I have two orders to short cable as detailed below.
Chart and levels below:
1st Entry: 1.6095
2nd Entry: 1.6110
Averaged entry: 1.6107
Stop Loss: 1.6140
Target: 1.5940 (5%)
I will update again should the trade be triggered.
Regards
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