I have noted that there has been a turn around in sentiment on Cable in the past 24 hours. The weak daily candle yesterday has been followed by selling pressure today. The lower than expected UK CPI will also add to downside pressure. I have used an intraday bounce as a chance to sell.
I think that the outlook of a correction on the intraday chart could come back towards the 61.8% Fibonacci retracement of the recent bull run. The retracement support at comes in at $1.6603 (82 pips).
There is intraday resistance now in the band around $1.6690/$1.6700.
I have placed my stop at $1.6721 (35 pips) above the $1.6720 resistance.