Cable is in a down trend. Price has pulled back to the 50% Fibonacci Level at 1.5600 where is has found solid resistance.
Chart below:
Price has been in a decent range for the past week chopping up and down.
Chart below:
Price has now broken down through the averages and I am looking for a short position as detailed below.
Levels and Chart below:
1st Entry: 1.5520
2nd Entry: 1.5530
Averaged Entry: 1.5525
Stop Loss: 1.5555
Target: 1.5375 (5%)
I will update again should the trade be triggered.
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