Cable: Looking bit heavy in early European trade
I sold 1/2 my long position overnight at 1.5315 and will look to buy it back on any big dips towards 1.5200. The fact that the overnight rally stalled at exactly the 61.8% retracement of 1.5600/1.5000 will be encouraging to the bears (just as the double bottom is encouraging to the bulls!). If we get another rally which stalls at 1.5370 then I will believe the bulls and exit my entire position.
(Sounds like a perfect scenario for 1.5170/1.5370 range trading!)