Cable attempted to test the neckline of its head and shoulders breakout at 1.6110/15 but sputtered around 1.6100 and has dipped back toward session lows around 1.6060. 1.6030 and 1.5980 are supports should prices continue to erode, but we’ve come a long way in one day and may need a period of consolidation.
Odds of a 1.60 barrier being in play are fairly high given cable trades as high as 1.70 since last time we were down in that area.
