On the Hourly Chart,Cable has been unable to clear the Resistance at 1.27248 and is clearly headed lower after falling out of its recently formed uptrend channel at the same price level.
A break below the 38.2% Fibonacci Retracement of the 1.255 94-1.27630 price swing would inevitably indicate more weakness and would usher in to the 61.8% Fibonacci Retracement of the same price swing and the 1.26030 price level below provided by the 78.6% Fibonacci Retracement of the same price swing.
Stochastic is also overbought in this time frame,as well as price being below the 50SMA.
Stops should be placed above the Double top pattern at 1.27248.
A break below the 38.2% Fibonacci Retracement of the 1.255 94-1.27630 price swing would inevitably indicate more weakness and would usher in to the 61.8% Fibonacci Retracement of the same price swing and the 1.26030 price level below provided by the 78.6% Fibonacci Retracement of the same price swing.
Stochastic is also overbought in this time frame,as well as price being below the 50SMA.
Stops should be placed above the Double top pattern at 1.27248.