Cable continued its collapse started with the beginning of this week breaching through 76.4% Fibonacci retracement of the bullish wave from 1.5270 to 1.6615 as seen on the provided four-hour chart. This breakout has added further negative pressure on the pair suggesting that 88.6% followed by 100% will be revisited over upcoming sessions according to Fibonacci rules. Consequently, the bearishness is still favored over intraday basis, supported by the descending channel, the negative sign on Vortex. Note that, RSI 14 continued entering oversold areas and it may cause some kind of fluctuation.
The trading range for today is among key support at 1.5180 and key resistance at 1.5720.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5480 targeting 1.5270 and stop loss above 1.5630 might be appropriate.|