Cable is on the fritz after a nearly 100 pip drop from 1.5368.
There are some medium-sized bids at 1.5270 but the stronger hands are at 1.5255/50. Beyond that, there is technical support at yesterday’s low of 1.5217.
There is a major failure brewing on the daily candle and the 4-hour chart is beginning to look toppy with a series of lower highs and lower lows. There is also a rough head-and-shoulders pattern.
The drop might be a fraction overdone in the near-term but I think there’s a chance to sell any bounce.
