The price action is still bearish on Cable.. the question is how bearish
* Cable remains within expanding consolidation for the last month. Having spiked to 1.6065 it should now spike the downside.
* Having completed a correction at 1.5985, a loss of 1.5800 later should confirm and accelerate short term weakness.
* We will add to shorts on a rally and have lowered stops.
The first our preferred view is the more aggressive spike of the 1.56 low to an ideal 1.5565 the c=1.618a to maintain the concept of the expanding triangle or range of the last month. As such 1.5800 should really survive today with a final correction certainly to 1.5880 38.2% and possibly 1.5900-20 the 50-61.8% where we will look to add to shorts.
However should 1.5800 break early there is a risk that shorts will be stranded at the c=a objective only of 1.5725 before a recovery through 1.5985 to attack the 1.6065 low. For this reason we have now lowered stops on shorts to almost break even at 1.5985.
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