Sometimes trading cable you have to keep one eye on the clock. Watching how long it stays above or below a level can give you some indication as the where it will go next.
In usual cable fashion it spent a good 10-12 minutes at the 1.54 handle. As Mike pointed out sellers at 1.54100 capped the move up. The fact that it didn’t then drop below 1.54 was key. The last drop took us to 1.5404/5 and then cable does what it does best and blasts all and sundry out of it’s way.
We’re into resistance at 1.5440 with the next resistance at 1.5500 and the upper trend line above there at 1.5510. If we take 1.5450 then up we go again. I think that surpassing 1.55 will be a stretch too far though.
