Cable traded sideways for the whole day just above 1.5700 levels and currently seems to be bouncing back on short covering. It does have resistance on the four hour charts near 1.5750 levels which if broken then a further rise towards 1.5800-25 might be seen. The bigger trend though remains bearish and we would wait for this current short covering to loose steam for taking fresh shorts. On the down side it has good support near 1.5700 which if broken then next support is seen at 1.5650. But currently the focus has shifted to the short covering and it is very though to say which this will halt to turn down again. Level to be watched is 1.5750-60 which will be crucial in deciding where the piar turns down from.
GBP 10K Short at 1.5786, TSL 1.5765 (Up from 1.5755, TP 1.5660
Limit Sell Order
Sell GBP 10K at 1.5750, SL 1.5765, TP 1.5720