Cable: Momentum to pick up on the downside by Reece Marini



I mentioned yesterday the importance of the 1.53250/200 level, the level initially found some buying interest but eventually failed. The bears saw this as a major sign of weakness and started selling aggressively sending Cable 70 pips lower in a hurry.

Cable continues to trade on the heavy side with the 50 Fib now under attack, a solid close below the 50 will see the momentum pick up on the downside.



Selling intraday rallies now looks like the best play going forward with the 1:1 (Light Blue) and 23.6 fib that coincide at 1.53060 a good place to jump in on this current move.

* A 1:1 refers to a current correction being equal in length to a prior correction


Reece Marini is an FX trader and Director of the an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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