Cable floundering after sharp fall

Author: Adam Button | Category: News

Cable has hardly bounced since the 150 pip swan dive to 1.5217. The current rate is at 1.5238.

Cable daily chart April 17, 2013

There are bids lined up around 1.5200 but stops are below. More, smaller bids at 1.5180/75.

Overall, it looks like cable has failed at the 38.2% retracement of the Jan-March decline and is headed lower.