Cable didn't quite reach our selling area of 15620/25 stalling at 1.5591...and we are hovering around the daily pivot of 1.5559. So for today the market remains looking under pressure. So we lower our sell orders now to 1.5582/89 which is the short term 38.2 Fib level....and we keep out stops now above the 1.5643 area...
Now if we cannot reach back to 1.5582/89 we can also sell a break below 1.5550....A loss of this support should keep the market depressed, leaving the way clear for further weakness down to 1.5531/25 initially then 1.5465/63...Cover all short positions to here...Look to re-sell a break below here as a break keeps the pressure to the downside and leaves 1.5445 then targeted..
Now if we go back above 15643 resistance the immediate downside threat will be avoided and we could see further corrective pressure then towards 15695...Cover longs...Go long then above 15695 for 15715/20 through to 15740/50.
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