As you are probably aware, I am quite bullish on the cable but it dances to its own tune so we must be ready for all eventualities. The previous double bottom at 1.5830/45 is the next resistance level and if this holds then we might well see another sharp sell-off back towards the important trend channel support around 1.5500. I will lighten my position if the resistance level holds and then reinstate on a break higher or on a dip to more attractive levels.