Cable Technicals; possible double-bottom forming
The 1.6160 level has formed a low on two seperate occasions on the hourly chart and there is a possible neckline now forming at 1.6250. Those longer-term shorts can cover close to current levels and reinstate on a break below or aggressive short-term players can buy a bounce off 50 with a tight stop.

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The way H4 RSI looks right now, I shouldn’t be surprised if cable did a bit more bottom scavenging.