Cable lost 1.4780 therefore all long positions reversed...We look like we are going to trade lower from this point and we would be looking at 1.4722/1,4699 as the initial objective...
Here we cover all short positions..Look to re-instate further shorts if the market makes a break below 1.4680...A loss through this area keeps the pressure to the downside leaving the recent lows of 1.4635 then as a targeted area...This is important support therefore cover all short positions...Now we may well see a short term bounce from here, but any long are to have profits taken quickly, as the market does look poised for another assault on the downside...If therefore we lost 1.4600 all longs abandoned, shorts instated and we look then for the market to lose ground towards 1.4500...
Now any bounce back from 1.4750 will encounter resistance at 1.4820/35 which is the daily pivot...Cover all longs to here...Only go back into longs above 1.4835 for 1.4880 possibly 1.4920 where we are sellers once more...
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