Cable (GBP / USD) is in a longer term down trend.
Chart below:
Price has retraced to the 61.8% Fibonacci level where is has found some resistance.
There is divergence on the oscillating indicators and price has this morning made a Lower Low.
Chart below:
I am looking for a short position with the long term trend as detailed below.
Levels and Charts below:
1st Entry: 1.5650
2nd Entry: 1.5670
Averaged Entry: 1.5660
Stop Loss: 1.5700
1st Target: 1.5460 (5%)
2nd Target: 1.5050 (Previous support & 15%)
I will update again should the position be opened.
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