(Click on the chart to enlarge it)
Cable has a very important resistance zone at 1.6663 - 1.6600. Tw0 weeks ago we saw a false breakout of it that pushed prices up to 1.7043, just to see prices to fall down below this same resistance zone 1.6663 - 1.6600.
The False breakout of this important resistance zone, along with a strong Bearish Divergence at MACD and RSI and a pullback on Aug 13th to the resistance level 1.6663 all reinforce the possibility of a new Bearish trend.
My strategy is to SHORT at any important short-term resistance level. Some entry points could be:
* Aggressive: SHORT now at 1.6544 with STOP at 1.6605 and LIMIT 1.6345
* Conservative: SHORT at break 1.6540 with LIMIT at 1.6570 and LIMIT 1.6345
