Cable is sitting just above recent trend lows at 1.6535. The fact that it couldn’t close below will encourage the bulls that a double-bottom might develop, but the bears will also be salivating at the prospect of triggering stops below this level. The next major technical support level below here is a weekly low at 1.6455.

I’m running a small long position but I’m not at all confident that I’ve got the timing right on this one. As usual, let’s see how it develops.