The Cable formed a nice Double Bottom at Support level 1.4800, unleasing the bulls.
But the 1-Hour chart shows that a Bullish channel that started to get formed at this Double-Top got broken down last Friday, strongly indicating that a Bearish correction is expected.
Drawing a Fibonacci starting when prices began it´s last bullish push at this Double-Bottom (1.4800 to 1.5302), we have it´s first support at 23.60% at 1.5183.
My strategy will be to enter SHORT below this level, aming the 38.20% fibo at 1.5110.
Remember: this will be to trade a correction. Main trend is Bullish. So watch out for any indication of support to enter LONG. Those support levels would be: 1.5110 / 1.5050 and 1.4990.
My strategy will be to enter SHORT below this level, aming the 38.20% fibo at 1.5110.
Remember: this will be to trade a correction. Main trend is Bullish. So watch out for any indication of support to enter LONG. Those support levels would be: 1.5110 / 1.5050 and 1.4990.
