Cable has rallied 30 cents since March, and the last six weeks have been nearly one-way traffic. It looks as though we are trying t0 put in a medium-term top at long-last with the loss of 1.6320 support. Selling has been aggressive over the last hour with fast money-types leading the stampede. Modest support comes in at 1.6230/45.
To put things in perspective, if we retrace even 38.2% of the recent rally, cable would have to fall to 1.5515. That gives you an idea of how breath-taking the rally has been.
Cable trades now at 1.6300 after falling as low at 1.6280 on stops.
