1.4950/40 remains good support in Cable from long term fib level. Now we do look under a bit of pressure here but unless we can break 1.4940 short term would play this from the long side.
We should get a bounce back to 1.5000 tying in with resistance at 1.5020. All longs to be covered to here. Only re-instate further longs if the market makes a break above 1.5040. A break above here sees this come higher for 1.5070/80.
Now if we lose 1.4940 then any longs to be reversed as this would provoke a move lower with 1.4900 then the short term objective. Here cover shorts. Re-sell a break of 1.49 as this keeps the immediate pressure to the downside and sees this come lower for 1.4875/60 support. Once more cover all shorts to here and go long. Only reverse a break of 1.4860.
