Cable broke from its 8-month downtrend in the middle of last week and it is now retesting that breakout after stalling just shy of 1.5500/20 range tops late last week.

The broken trendline comes in today at the 1.5244 level. Dip-buyers may want to buy against that level with a close below the downtrend a pretty good level to set stops on longs as that would suggest a false breakout to the topside an return to range-trade.

7-19 gbp