The slump in cable today confirms the sad-looking GBP/USD chart.
The huge reversal on Jan 2 has continued to play out to the downside. After a 375 pip fall, the pair barely bounced 100 pips and is now threatening the lowest close since early December.
A close below the 55-day and 100-day moving averages confirms the bearish set-up. The confirmation of further downside toward 1.5900 will come on a break of 1.6000, which proved difficult to break late last week.
