Cable, like EUR/USD is running into profit-taking now on rallies after stalling earlier in the week at a key Fibo retracement (61.8% of 1.7045/1.4235) and in front of heavily-rumored 1.6000 barriers.
Like in EUR/USD, cable has been guided higher by a trendline for over a month and I think you should use the uptrend to guide near-term trade. If long, set stops a comfortable distance below the trendline (to allow for a quick penetration in search of your stop!) . If looking for a spot to buy, use the trendline to enter longs with a tight stop for a retest of the key 1.5970/1.6000 area.
